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Ethereum has successfully demonstrated to its investors that it has growth potential despite experiencing one of the strongest sell-offs in the asset’s history following the liquidation of major institutional investors such as 3AC, Celsius, and others.
Trip to the wild market
Over the past eight days, Ethereum has added about 40% to its value if we measure the result of the current rally from the absolute bottom reached on June 18. Such strong growth was most likely caused by the concentration of purchase orders in the amount of $ 900.
📈 #Ethereum is enjoying a nice weekend rise, and the #2 market cap asset’s price is now up +30% in the past week. It appears there is quite a bit of profit taking on this mid-sized bounce, and the low whale activity indicates it isn’t coming from them. https://t.co/MsZUhgjwCR pic.twitter.com/NWFMmWFRGq
— Santiment (@santimentfeed) June 25, 2022
Most traders were actively looking for the perfect entry into Ethereum, which was more than possible after the asset fell below $1,000 and then faced even more pressure from sellers, which led to a drop to the $800 range.
The huge volume of liquidation and lack of liquidity allowed investors to raise the price of the second largest asset on the market to $ 1200, despite the fact that the market capitalization of ether remained below the level of June 1.
Traders still prefer profit taking
Unfortunately, a 30 percent price increase is not enough for traders and investors to continue to support the asset, as their activity in the network indicates that most ETH holders are actively fixing profits, which creates additional pressure on assets and does not allow them to break local assets. resistance levels.
Fortunately, Ethereum whale activity remains relatively low, which shows that sales are not coming from them, and the asset still has a chance to show upward volatility as sales volume remains relatively low.
At the time of publication, Ethereum is fluctuating in the price range of $ 1200 and is consolidating due to the lack of trading volume over the weekend.
#Ether #Investors #Profits #Whales #Remain #Calm