Ethereum Whales Accumulate Over 1M ETH Amidst Market Dip

Ethereum whales have been actively buying the dip, with over 1 million ETH withdrawn from exchanges in the past week, signaling potential accumulation and reduced sell pressure. This notable outflow suggests an ideal buying opportunity, despite the current bearish market sentiment.

According to a prominent crypto expert, Ethereum has been the top investment choice for whales, with millions of dollars worth of ETH added to their portfolios in the past week. This increased accumulation could drive further upside momentum and create buying pressure, potentially reducing selling pressure in the market.

However, intraday traders seem to be taking a bearish approach, with short positions currently dominating the asset. On-chain analytics firm Coinglass reported that traders holding long positions are over-leveraged at the $2,568 level, with $108 million worth of long positions. Conversely, traders betting on short positions are over-leveraged at the $2,690 level, with $415 million worth of short positions.

At press time, Ethereum is trading near $2,588 and has experienced a price drop of over 4.10% in the past 24 hours. Despite the price decline, the trading volume has also decreased by 17%, indicating lower participation from traders and investors compared to the previous day.