- The cryptocurrency market has seen increased activity since last Friday.
- Ethereum (ETH) has started trading at around $1650, following recent price movements.
- Despite an increase in whale activity in ETH, trading volumes have recently declined.
The cryptocurrency market has experienced a downturn, with Bitcoin (BTC) falling below $26,000 and Ethereum (ETH) trading around $1650. Despite increased whale activity in ETH, trading volumes have seen a decline.
Cryptocurrency Market Experiences Downturn
Since last Friday, the cryptocurrency market has seen a surge in activity, with volatility in the market also significantly increasing. Bitcoin (BTC), the leading cryptocurrency, has fallen to $26,000, leading to losses in value for many high market cap cryptocurrencies. According to CoinMarketCap (CMC) data, the total market value of the crypto industry has fallen to around $1.05 trillion.
Throughout the week, Ethereum (ETH) has been fluctuating between $1600 and $1700. However, with the market showing signs of a downturn, ETH has been unable to surpass the $1700 mark.
Current State of Ethereum (ETH)
Ethereum (ETH) has tested the $1700 resistance multiple times throughout the week. However, with the cryptocurrency market entering a downturn, ETH has turned its direction downwards from $1690 and has briefly fallen to the $1600 support. Following its recent price movements, ETH has started trading at around $1650.
On-chain data analysis platform Lookonchain has highlighted the recent increase in whale activity on its Twitter account. Four different addresses added more than 56,000 ETH, worth an average of $94 million at current prices, to their portfolios in the last 7 days. Despite the increase in whale activity, trading volumes have declined. The total 24-hour trading volume of ETH has fallen by nearly 7% to $5.8 billion.
Conclusion
Despite increased activity in the cryptocurrency market, both Bitcoin and Ethereum have experienced a downturn. Ethereum, in particular, has seen increased whale activity but a decline in trading volumes. As always, investors are advised to conduct their own research before making any investment decisions.
