• 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

Recommended content

Recommended Content

Editors’ Picks

MANTA suffers 4% pullback after unlocking tokens worth $40 million

MANTA suffers 4% pullback after unlocking tokens worth $40 million

Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks. 

More Cryptocurrencies News

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30. 

More Ripple News

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000. 

More Bitcoin News

If Bitcoin restarts bull run, these altcoins are likely to explode Premium

If Bitcoin restarts bull run, these altcoins are likely to explode

If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis