Following FTX’s demise, Ethereum and the whole cryptocurrency industry in general experienced one of its most challenging periods. Because of this, the value of ETH, a significant alternative currency, has plummeted by over 36% in the last week.
Bearish emotion may be pervading over the cryptocurrency market, but the second most popular cryptocurrency is now trading almost sideways. But @sanr king, a contributor to Santiment’s insights, has been thinking about this pricing stability.
One should view his observation of a heavy influence from whales in the market with caution, as this is often a precursor to a more severe bear market. Now, what does the ETH chart reveal?
ETH Prognosis: Dark Clouds Ahead
According to @sanr king, the present market model cannot account for the whales’