The idea of ”buy the dip and sell the high” is common knowledge in the cryptocurrency space. However, trying to predict the end of the fall can be difficult.
Faced with the latest cryptocurrency market correction last week on Sunday, many investors panicked and sold their ETH holdings. The second-largest cryptocurrency by market capitalization has since stabilized above a supporting wall following the market crash. An even more interesting revelation is the fact that “whale” investors were actively buying the dip.
The data shows that the number of whale investors has increased and there are predictions that this could force the price to $ 3,000.
According to the Crypto Fear and Greed Index (CFGI), bullish sentiments on Ethereum fell to very low levels. The value was reduced to 27, a number that suggests “fear.” On the other side of these negative sentiments were investors who took advantage of the collapse to buy Ethereum at discount prices.
Looking at Ethereum’s supply distribution chart, the number of addresses that have between 10,000 and 1,000,000 ETH increased by 0.70% over the past week. Precisely, the network welcomed nine new whales.
While the addition of nine new whales may seem insignificant at first glance, the whale addresses have between $ 25 million and $ 2.5 billion in ETH. The high net worth of these people could easily translate into billions of dollars.
Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.