ETH price dips drastically after coming very near its previous ATH price.
This fall triggered panic-selling and heavy ETH accumulations.
Analysts debate over when the price of ETH will recover.
The price of the pioneer altcoin asset, Ethereum (ETH), experiences a sudden fall in price, likely caused by Bitcoin’s heavy dip. In detail, ETH price dips dramatically, triggering panic-selling and heavy accumulations. The crypto market seems confused over how to respond and what to expect next. How long will the market take to recover this time, and when can ETH price rally?
ETH Price Dips Dramatically
Ethereum (ETH), the pioneer crypto asset, experienced a strong pump in price over the last few days. In detail, the price of ETH finally broke past the $4,000 and $4,100 resistance levels to reclaim $4,300 and then both the $4,600 and $4,700 price targets. This brought ETH price as close as it has gotten to its previous ATH price, set 4 years ago at the $4,800 price range, yet.
This swift rise in ETH prices led to increased expectations for ETH to reclaim its previous ATH price and move towards new ATH prices starting from $4,900 and $5,000. Instead, the price of ETH experienced a sharp dip, taking the price below the $4,500 price range. Currently, the price of ETH is trading at the $4,600 price range, showing steadier signs of recovery in comparison to BTC.
Panic-Selling vs Heavy Accumulations
https://twitter.com/lookonchain/status/1956189691465884168
In response to the latest ETH price dip, ETH whales and holders have responded in two specific ways. One is in pani-selling and the other is in heavy ETH accumulation upon seeing the latest dip as a golden opportunity to buy and hold more ETH at low non-ATH prices. As we can see from the post above, Hacker ‘0x17E0’ panic-sold 4,958 ETH worth $22.13 million at $4,463 during the market dip, locking in a profit of $9.75 million.
Similarly, another whale sold 20,600 ETH worth $96.55 million at $4,687 ETH price over the past 2 days, locking in a profit of over $26 million. These 20,600 ETH were bought 9 months ago at $3,409, right near the peak, leaving him down $40 million at one point. But the whale held firm and finally claimed victory. Lastly, the Ethereum Foundation-linked wallet (0xF39d) sold another 1,300 ETH worth $5.87 million at $4,518. Over the past 3 days, this wallet has sold a total of 6,194 ETH worth $28.36 million at an average price of $4,578.
https://twitter.com/arkham/status/1956088677521874986
On the flip side, two whale addresses bought $150 million worth of ETH, as we can see from the post above. In detail, 0x1e0 bought $118.2 million from FalconX, and 0xa3A bought $40.5 million from Galaxy Digital OTC. Additionally, a mysterious whale bought 60,000 ETH worth $284.76 million from Coinbase Prime last night and is currently staking it. The whale has moved 3,200 ETH worth $14.75 million to 4 different wallets, one of which has already deposited it to Coinbase Staking.
