that ETH top whales were accumulating the altcoin in an “abnormal” manner in contrast to the activities on exchanges.The analyst opined that the whale activity was not just something to ignore. According to him, ETH faced a price correction despite recently plunging to $1,200.
In further defense of his position, Sanr_King noted that the happenings were similar to the period the crypto-friendly nation, El Salvador, announced the decision to legalize. The aura around that time pushed for an ETH buy call. However, that was not the case as the event led to a price correction. Details from the insight read,
“This goes to say that ETH investors have confidence for the overall trend of the price movement and they are diamond hands which is another bearish sign. ” Further analysis of this opinion showed that the projected outcome could be viable. This was due to theAccording to Santiment, the price-DAA was -64.25%. At this level, it indicated that ETH was not close to being undervalued. Hence, there was a likelihood for the price to lose hold of the $1,200 region.In addition to the metrics mentioned above, ETH investors might need help to upturn losses incurred recently. According to Glassnode, the tAt press time, the ETH total supply in a loss was 55.
Bull... a whale just closed his long position 140 miljoen big red candle
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