Whales Buy The Dip, Pushing Ethereum To New All-Time Highs – Investing.com

Whales Buy The Dip, Pushing Ethereum To New All-Time Highs – Investing.com

Whales took advantage of the recent flash crash to buy the dip and send it to new all-time highs.Key Takeaways

Ethereum hit a new all-time high of $2,575.

The bullish impulse seems to be fueled by a large number of whales that bought ETH at a discount.

Further buying pressure could see Ether replicate Bitcoin's price action and rise to $4,300.

Ethereum has risen to a new all-time high, and technicals suggest that this could be the beginning of a new uptrend.

Ethereum Makes New All-Time High

The second-largest cryptocurrency by market capitalization, Ethereum, saw its price crash to $1,900 over the weekend.

The incident was caused, among other bearish events, by a power outage in Xinjiang, China, that forced a large number of miners to shut down. As BTC's hashrate fell by half, all cryptocurrencies, including Ethereum, reacted quickly.

As a result, more than $1.16 billion worth of long and short ETH positions were liquidated across the board. But large investors seem to have taken advantage of the downward price action to buy Ether at a discount.

Behavior analytics platform Santiment recorded a significant spike in the number of whales on the network while prices tumbled. Roughly 23 addresses with 10,000 to 100,000