Ethereum declined with the market during the last correction and has yet to recover back to previous levels.
The sharp decline is characterized by sell-offs and liquidations from all angles. Fear of a downtrend has made investors want to get out before prices fall further.
But not everyone follows this dumping trend.
Whales have always been known to move differently than retail investors. While panicking investors sold their holdings at low prices, these whales quietly devoured the undervalued ETH in the market.
Whales Collect ETH
In recent weeks, whales have taken advantage of the falling market value to buy cryptocurrencies at cheap prices.
Ethereum price has dropped to as low as $2.100 after several drops, providing a good opportunity for whales to increase their holdings, buying hundreds of millions of dollars in ETH.
During the time of market panic, the number of addresses holding more than 10.000 ETH has increased significantly. These whales bought over $500 million in ETH in just a few weeks.
Support from these whales and from smaller investors slowed ETH's decline. But it's still not enough to trigger a bounce back to previous values.
Despite the growing support from major investors, the market remains in extreme fear, showing investors' caution. This has kept them from putting more money into the market.
Ethereum struggles to sustain growth
Since falling to the lows of $2.100, Ethereum has had a hard time recovering in the market.
Though it later recovered above $2.400, it hasn't recorded much upside since then.
ETH is trading below its 5-day, 20-day, 100-day, and 200-day moving averages for the first time in a year.
As of press time, the digital asset is trading at $2,401, down 0,54% over the past 24 hours.