- Leading ETH whales accumulate in a way that might see the alt’s price correcting.
- The presumption remained valid as the DAA divergence shows Ethereum was far from undervalued conditions.
The latest market turbulence saw cryptocurrency prices recording downturns, and Ethereum wasn’t an exemption. Nevertheless, market participants that could have anticipated some relief might have endured a blow because of the latest whale action.
Santiment’s November 14 insights saw Sanr_King highlighting that Ethereum’s top whales unusually accumulated the alt, contrary to exchange activities.
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Price Adjustments and Relation
The analyst urged market players to consider whale activity. He opined that Ethereum encountered price corrections regardless of the latest dip to $1.2K. Sanr_King added that these occurrences resemble when El Salvador declared the more to legalize BTC.
The craze saw Ethereum presenting a buy call. Nevertheless, the narrative was different as the move triggered price corrections. That shows Ethereum investors have faith in the price trend and exhibit diamond hands, presenting another bearish signal.
Nevertheless, the analyst’s predicted outcome might be viable, considering the price-DAA (Price-Daily Active Addresses). Santiment revealed that the price-DAA stood at -64.25%. That indicated that Ethereum remained far from being undervalued. Thus, the price might lose ground at the $1.2K mark.
Land Still Commotion
Besides the discussed metrics, Ethereum investors may need a helping hand to offset the latest losses. Glassnode shows the supply in loss resorted to uptrends despite plummeting to $35.69 on November 1. While publishing this content, the Ethereum supply in loss stood at $55.35 million.
That indicated that many ETH holders were closer to token forfeiture than gains. Also, it matched earlier predictions that the token was susceptible to more declines. Therefore, holders might HODL rather than selling around bottoms.
Moreover, Glassnode noted that the MVRV (Market Value-Realized Value) was yet to bottom. The MVRV -0.260 z-score confirmed Ethereum’s current value was not lucrative. Also, it signals a toppling market trend, suggesting that the leading alt might dip further.
What are your thoughts about Ethereum’s current outlook? Feel free to comment in the section below.