Etheric bullish divergence? ETH weekly price loss collides with $300 million whale purchase

ether (eth) The market is at a critical time as whales snapped the ether (eth) It is worth millions and is bullishly positioned against the first weekly loss of cryptocurrency for more than a month.

According to Coindesk data, Ether, a native token for the programmable blockchain Ethereum, fell nearly 10% this week, reaching a low of under $3,400 at one point. This decline follows a robust five-week winning streak, followed by Wall Street losses, and will lead to profits and de-leverage.

But bearishness contrasts with a strong signal of long-term convictions from whales. According to on-chain data tracked by Arkham Intelligence, a single entity snapped a massive amount of ether worth $300 million as prices fell and performed a major “Dip The Dip” operation.

That’s the case of bullish divergence. While weekly price action suggests an immediate upward momentum and a loss of potential profit acquisition, significant whale purchases demonstrate the belief that the recent recession is merely a temporary recession.

The message is clear. If a price drop blows a weaker hand, and decisions from high convicted entities are determined, the process.

A fresh match between macro jitters, triggered by the buoyant US dollar and disappointing US employment data on Friday, put the crypto market behind.

Bitcoin, the largest digital asset by market value, was relatively resilient, down just 4.5% a week. BTC’s out-performance relative ETH confirms the market’s emotional emotions change with respect to ETH initially signaled by the options market.