- ETH has corrected by ~17% this week and could fall further below $2,400.
- At the time of writing, market sentiment on ETH was neutral.
Ethereum [ETH] According to CoinMarketCap, the price fell by 3.24% and fell below $3,000 in the past 24 hours.
The second-largest cryptocurrency has corrected as much as 17% in a week as bulls struggle to overcome market-wide downside volatility.
However, it appears that some market participants are reacting differently to the continued downturn, with some taking profits on their investments while others are accumulating ETH at discounted prices.
Should I buy or sell?
According to on-chain tracking data platform Lookonchain, the whale known for buying on the spur of the moment bought 3,279 ETH worth $9.75 million at the prevailing price on Wednesday.
This influential investor has recently doubled down on his investment in ETH, holding a whopping 86,457 ETH tokens as of April 17th.
On the contrary, a whale that was an active participant in the 2015 Initial Coin Offering (ICO) sold 2,000 ETH at a selling price of $2,997, data from Spot On Chain showed.
Whale received 33,213 ETH as part of the ICO at a price of $0.31. Therefore, the latest sale increased their profits by an order of magnitude.
How did the overall market react?
To better understand the market reaction to the ETH downturn, AMBCrypto investigated the Santiment whale indicator.
Remarkably, the numbers of two whale populations, 1,000-10,000 and 100,000-1 million, increased in one week, suggesting they were accumulating.
However, wallets holding 10,000 to 100,000 ETH also fell at the same time, signaling a decline.
Source: Santiment
The aforementioned indicators reinforced the “mixed” response narrative mentioned earlier in the article.
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Assessing ETH’s next move
Ethereum's fear and greed index to some extent hints at the deduction made above. According to the last update, market sentiment on ETH was neutral with no obvious bias towards buying or selling.
AMBCrypto previously reported that ETH is at risk of further decline to the $2,000-$2,400 level.
