Key Points
- Ethereum’s value has seen a 17% correction over the past week, with potential to fall below $2,400.
- Market sentiment for Ethereum remains neutral, with mixed reactions from investors.
Ethereum (ETH) has experienced a significant 17% correction over the past week, with potential for further decrease below $2,400.
The current market sentiment for ETH is neutral.
Ethereum’s Price Fluctuations
In the last 24 hours, Ethereum’s value dipped below $3,000, following a 3.24% fall, as reported by CoinMarketCap. This second-largest cryptocurrency has seen a significant correction over the past week, as bullish investors struggled to combat the downward volatility in the broader market.
Market participants have shown varied responses to this slump, with some taking profits on their investments while others accumulate ETH at the reduced prices.
Investor Reactions
According to Lookonchain, a data platform that tracks on-chain activity, a whale investor known for buying during price dips purchased 3,279 ETH, worth $9.75 million at current prices, on Wednesday. This influential investor has been doubling down on their ETH investments and held a staggering 86,457 ETH tokens as of April 17.
In contrast, another whale who was an active participant in the initial coin offering (ICO) in 2015, sold 2,000 ETH at a selling price of $2,997, according to data from Spot On Chain. This whale received 33,213 ETH as part of the ICO, at a price of $0.31, making their recent sale a significant return on investment.
To better comprehend the market’s reaction to ETH’s slump, AMBCrypto examined Santiment’s whale metrics. Notably, the two whale cohorts — those holding 1,000 to 10,000 ETH and 100,000–1 million ETH — increased in number over the week, suggesting they were accumulating. However, the wallets holding between 10,000–100,000 ETH decreased in the same period, indicating sell-offs.
The Ethereum Fear and Greed Index, which measures market sentiment, aligns with the deductions made above. According to the last update, the market sentiment for ETH was neutral, with no clear bias towards buying or selling.
