Ethereum (ETH) experienced a sharp correction amidst escalating tensions between Israel and Iran, leading to a drop in its price. Although it recovered to over $3,000 at press time, the cryptocurrency has been largely in the red over the past week, losing more than 12% of its valuation.
The decline in ETH's profitability resulted in a decrease in the number of ETH holders in profit, as observed through Glassnode's data. Amidst this scenario, the actions of a particular whale investor stood out in the market.
Source: Glassnode
Despite being in unrealized loss, a "giant" whale has been accumulating ETH aggressively, acquiring 41,358 ETH over the past five days, valued at approximately $128 million. With a total holding of 117,268 ETH, the whale's accumulation strategy indicates a high risk tolerance.
This accumulation pattern extends beyond the single whale, as evidenced by a steady rise in ETH supply held by addresses not associated with exchanges. These HODLing tendencies suggest confidence in ETH's long-term price prospects, anticipating a rebound in its value.
Source: Santiment
Currently, Ethereum's market sentiment is neutral, according to the Ethereum Fear and Greed Index, indicating a balanced outlook without a strong bias towards buying or selling.
Bitcoin's upcoming halving event is anticipated to impact the broader market, including ETH. Historically, following Bitcoin's halving in 2020, both BTC and ETH experienced upward trajectories, reaching new highs the following year. This historical precedent suggests potential positive momentum for Ethereum in the future.
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