Crypto
Ethereum Price Drops Amid Fed Rate Hike Expectations, But Whales Are Buying the Dip
The Ethereum price dropped by nearly 4% on Wednesday after the CLARITY Act failed to advance in the Senate, contributing to broader crypto market selling.
Despite this decline, on-chain data suggests large investors are using the weakness to buy Ethereum. Over the last five days, exchange reserves have shrunk by approximately 159,000 ETH, while 'whale' wallets holding between 10,000 and 100,000 ETH accumulated about 200,000 ETH.
The current support for ETH is around $2,270, with its 50-day and 200-day Exponential Moving Averages (EMAs) near this level. However, if the price breaks above $2,431, it could maintain a bullish trend despite recent price action.