$300 Million Whale Purchase Contrasts with Ether’s 10% Weekly Loss
The ether (ETH) market faces a critical moment as a whale purchased $300 million worth of ETH during its first weekly loss in over a month, which saw prices dip nearly 10% to below $3,400.
- ETH's decline follows five weeks of gains, indicating possible profit-taking amid broader market losses.
- A single entity executed a significant "buy the dip" operation, reflecting long-term confidence despite the current downturn.
- The price drop is viewed as an opportunity for strong buyers, with weaker hands being flushed out.
Macro factors, including a strong U.S. dollar and disappointing jobs data, have pressured the crypto market. Bitcoin (BTC), however, has shown resilience, down only 4.5% this week, highlighting a shift in sentiment compared to ETH.