Despite the recent decline in the crypto market, Ethereum (ETH) investors considered this situation as an opportunity. According to the data shared by the famous crypto analyst Ali Martinez, large investors have purchased a total of 600,000 ETHs in the last seven days. This gigantic accumulation indicates that there may be an increase in ETH price.
Strong moves from Ethereum whales
According to Ali Martinez’s X (formerly twitter) sharing of February 12, Ethereum whales made purchases in the process in which the price fell from $ 2,800 to $ 2,600. The fact that large investors purchase in such price decreases shows that there is an optimistic expectation for the future in the market. This movement, which is known as the “Purchase from the Bottom” strategy in the crypto market, is an indication that especially major investors expect high earnings in the future. These purchases of ETH whales give a powerful signal that the price can be recovered from the current decrease trend.
However, the existing volatility in the crypto market should be considered. The hawk policies of Jerome Powell, President of the US Federal Reserve (FED), have caused investors to withdraw from risky assets. In addition, a cautious atmosphere prevails in the markets before the announcement of the US consumer price index (CPI) and manufacturer price index (PPI) data. However, intensive purchases of Ethereum whales show that this volatility may be temporary.
Expectation of rise in ETH price
During the spelling, the price of Ethereum fell over 4 %in the last 24 hours and fell to $ 2,601. The lowest and highest levels during the day were recorded as $ 2,565 and $ 2,724, respectively. Although the general market trend tends to decline, some analysts are quite optimistic about the future of ETH. Famous analyst Merlijn The Trader said that the “Golden Cross” formation was formed in the ETH weekly graph. Based on historical data, he said that this formation could be a harbinger of a great rise. Another market expert Ash Crypto claimed that Ethereum followed Bitcoin’s previous cycle in the current cycle.
According to the analyst, ETH has completed its perennial accumulation and accumulation stages and is preparing to reach the highest (AD) level of all time. Ash Crypto argued that ETH’s reaching $ 10,000 in this cycle was “inevitable”. As a result, the intensive purchase of ETH whales strengthened the expectation of a strong recovery among market players. If the negativity throughout the market is reduced, an important rise in the price of Ethereum may be seen.
