As Ethereum and XRP collapse, whales start to buy: Sign of a bull run?

📆 4/14/2024 5:23 PM
📰 CryptoAmb

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The latest market crash caused most cryptos prices to drop, including Ethereum [ETH] and XRP, but whales continue to buy

, ETH’s price fell by more than 5.2% in the last 24 hours. At press time, it was trading at $3,084.60, with a market capitalization of over $370 billion.earlier the possible reasons behind the dip. As the price of Ethereum plummeted, four whales—notable institutional investors among them—participated in a sell-off.highlighting that a whale spent 70 million USDC to buy 23,790 ETH at $2,942 from the bottom again after ETH dropped.

A large accumulation from whales could be a positive signal for ETH, as it can help turn the token’s price charts green. Therefore, AMBCrypto took a look at ETH’s daily chart to see whether it was preparing for a trend reversal. We found that ETH’s price had touched the lower limit of the Bollinger Bands, hinting at a rebound. Its Relative Strength Index also registered an uptick.Like ETH, XRP’s price also dropped during the market crash. To be precise, the token’s value plummeted by over 8% in the last 24 hours.Similar to that of ETH, whale activity around XRP also increased, which was evident from the rise in the number of whale transaction counts.

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