Ether Bullish Divergence? ETH's 10% Weekly Price Loss Clashes With $300M Whale Buy
Main Idea
Ether's price fell nearly 10% this week, but a whale purchased $300 million worth of ETH, signaling bullish divergence amid broader market jitters.
Key Points
1. Ether (ETH) dropped nearly 10% this week, breaking a five-week winning streak and hitting lows under $3,400.
2. A single entity bought $300 million worth of ETH during the price drop, indicating strong long-term conviction.
3. The broader crypto market faced pressure due to macro jitters, including a strong U.S. dollar and disappointing U.S. jobs data.
4. Bitcoin showed relative resilience, down only 4.5% for the week, while ETH underperformed.
5. The whale's 'buy the dip' strategy contrasts with the overall bearish sentiment, suggesting potential bullish divergence.
Description
The ether (ETH) market is at a critical juncture as a whale snapped up ether (ETH) worth millions, positioning itself bullishly against the cryptocurrency's first weekly loss in over a month. Programmable blockchain Ethereum's native token, ether, has dropped nearly 10% this week, hitting lows under $3,400 at one point, CoinDesk data show . The decline follows a robust five-week winning streak, signaling profit-taking or de-leveraging alongside losses on Wall Street. The bearishness, however, co...
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