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The Good News for Ethereum (ETH) After Collapse to $1.5K: Details

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Ethereum’s controversial history during the time of extreme distress continues, as the asset was among the poorest performers on Friday (and overall since the correction began), dumping to a 14-month low at $1,500.

After the recent FUD spread on X that ConsenSys’ Joseph Lubin might be selling, here’s a portion of good news for Ethereum, including technical tools and who’s buying.

The Technical Setup

The largest altcoin by market cap traded at over $2,400 by mid-May when the entire market seemed in a lot more favorable state, with assets charting multi-month highs. However, the subsequent rejection drove it south hard, which culminated, as mentioned, on Friday.

After this $900 decline, representing a near-40% drop, some technical indicators suggest a bigger rebound is in the making. The first is the TD Sequential, a metric used to determine the underlying asset’s exhaustion in either direction, which has finally flashed a buy signal on a daily chart, according to Ali Martinez.

The second is actually against BTC. ETH has been dipping hard against the market leader, and it dropped to 0.026 during the market-wide crash on Friday. Michaël van de Poppe believes accumulation here could be a “wise strategy,” especially since “yields are likely peaking in the short-term and CLARITY Act vote is around the corner.”

Who Is Buying?

In addition to the technical tools, on-chain data has revealed that different sorts of investors have started to reaccumulate. The first is an Ethereum OG whale who sold at prices above $2,000 but has returned to the buying scene by purchasing $56 million worth of the asset at under $1,570 per token. The second came from a wallet linked to Chun Wang, which accumulated over $28.5 million worth of ETH, according to data from Lookonchain.

The last one outlined by the analytics company is rather intriguing, as it’s not a typical investor per se. Instead, it’s the anonymous hacker behind the Pando Rings attack, who spent 10 million DAI to purchase 6,234 ETH at $1,602 earlier.

The post The Good News for Ethereum (ETH) After Collapse to $1.5K: Details appeared first on CryptoPotato.

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