Ethereum whales scoop up the altcoin as ETH price hits the $1,200 level


Share:
  • Ethereum price is close to a psychological support level at $1,200 after yielding 7% losses over the past week. 
  • Tether coordinated with a third party to move 1 billion USDT from Solana to the Ethereum blockchain on Friday. 
  • Analysts expect Ethereum price to recover and make a comeback above the 200-day moving average at the $1,600 level. 

Ethereum whales have been scooping up the altcoin through the recent dip in its price. The second-largest cryptocurrency by market capitalization is close to its psychological support level at $1,200 and analysts expect a recovery in ETH price. 

Also read: JP Morgan, Well Fargo, Bank of America potentially exposed to Samuel Bankman-Fried’s FTX exchange

Ethereum accumulation by large wallet investors picks up pace

Large wallet investors on the Ethereum blockchain scooped up the altcoin. Whales engaged in mass accumulation of ETH through the recent dip in the second-largest crypto by market cap. 

Ethereum price nosedived from the $1,293 level, close to the psychological support level of $1,200. The altcoin yielded 7% losses last week and 21% over the past two weeks. FTX exchange contagion spread to top cryptocurrency entities in the space and negatively influenced Bitcoin, Ethereum and altcoin prices. 

Ethereum shark and whale addresses aggressively accumulated ETH

Ethereum Shark and Whale Addresses aggressively accumulated ETH 

Tether swaps 1 billion USDT tokens from the Solana to Ethereum blockchain

Tether announced a chain swap, moving USDT tokens from one blockchain to another. On Friday November 18, 1 billion USDT tokens were swapped from the Solana blockchain to Ethereum. 

This move by the stablecoin giant followed Binance’s decision to temporarily delist USDT on the Solana blockchain. Multiple cryptocurrency exchanges followed Binance and delisted Solana-based stablecoins without providing an explanation. This unusual move followed the FTX exchange collapse and bankruptcy filing. BitMEX, OKX and Bybit were among the exchanges that delisted USDC and USDT on the Solana blockchain. 

Binance –  the largest exchange by trade volume –cited “internal assessment and review” as the cause for temporary delisting of stablecoins based on the Solana blockchain. 

Tether’s move to bring Solana based stablecoins to the Ethereum blockchain is bullish for ETH price as it is likely to boost on-chain activity and utility. 

Analysts predict an Ethereum price rally

Analysts evaluated the Ethereum price trend and predicted a recovery in the altcoin. Simon Chandler, a crypto analyst, believes Ethereum price is likely to bounce back to its 200-day moving average at $1,600. 

ETHUSD price chart

ETHUSD price chart 

Chandler argues that Ethereum’s 30-day moving average is below its 200-day, signaling that ETH is in a prolonged bear market. The expert believes that Ethereum price is likely to rebound sooner or later. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

Ocean Protocol (OCEAN) price has outperformed nearly all of the cryptocurrencies in the space. The parabolic move shows no signs of slowing down yet little coverage has surfaced from crypto media outlets. This article analyzes OCEAN’s price action to gauge where it may find resistance ahead.

More Crypto News

Hedera Hashgraph Price Prediction: A potential bullrun with caution

Hedera Hashgraph Price Prediction: A potential bullrun with caution

Hedera Hashgraph price shows potential to continue its uptrend. The consolidation phase could be viewed as a buying opportunity in hindsight. However, the risk to the downside should be considered.

More Hedera News

SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?

SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?

SushiSwap price noted a sharp rise during the intra-day trading hours, which was followed by a special announcement by the leaders of the Decentralised Finance (DeFi) space. 

More SushiSwap News

Decentraland Price Prediction: Consolidation before the next move

Decentraland Price Prediction: Consolidation before the next move

Decentraland price has seen impressive growth in recent months, with a 145% rally last month alone. However, the crypto asset has faced some cooling off lately, losing 7% of its market value in the last three days.

More Decentraland News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP