The Ethereum price has reached its bottom, judging by the behavior of crypto whales
The behavior of cryptocurrency whales indicates that the Ethereum (ETH) price has bottomed out and will start correcting upwards.
During the dump from April 13 to 14, four major investors disposed of Ethereum worth $106 million. Among them was the bankrupt crypto exchange FTX, which sold coins worth $8.3 million on the Binance platform, and the trading company Cumberland, which sent $57.3 million worth of ETH to several exchanges.
However, after the cryptocurrency plummeted significantly, the big players began buying up digital assets. For example, one of them acquired Ethereum worth $70 million at a price of $2,942, and currently holds coins valued at $136 million.
During the rapid downward movement, the Ethereum price dropped by more than 11%, then there was a correction, and the coin appreciated by almost 5%. However, judging by the chart, tough times are ahead for ETH.
On April 12, the bears broke through the lower line of the contracting triangle, and the next day the coin’s price bounced off this barrier. Based on this, it can be assumed that after a short-term correction, the cryptocurrency will continue to decline. The width of the pattern suggests that the Ethereum price will drop to $2,226.”