As a result, investors frequently try to stock up on additional tokens while prices are low in order to broaden the scope of their asset portfolios in preparation for the subsequent bull run.

The value of Ethereum Experiences a Dramatic Drop Due to Whales' Hovers

As a result of the unexpected failure of the FTX exchange, the whole cryptocurrency market has been experiencing significant losses over the course of the previous week. In addition, the crypto market continues to feel the impact of the Federal Reserve's actions despite the extreme macroeconomic situations that have been fueled by the US Federal Reserve's interest rate hikes.

As the market continues to fall, the value of Ethereum, the second-largest cryptocurrency asset, has reached one of its all-time lows. This drop was caused by the market's general downward trend. Ethereum's price dropped below the $1,600 threshold to $1,081 during the course of the weekend, representing a loss of about 24 percent.

In light of this, Ethereum whales are capitalizing on the adverse market trend in order to amass a greater number of ETH tokens. As this article is being written, the whales have amassed more than one billion dollars' worth of the token in the previous twenty-four hours. As a consequence, the price of ETH has fallen below its support level.

According to data provided by the cryptocurrency tracking platform Santiment, the whales have amassed close to 947,940 ETH, which, based on the price of ETH at the time of writing, is worth more than one billion dollars. In addition, the percentage of the total supply of Ethereum reveals that the whale's move represents the most significant accumulation in a single day over the course of the past year.

When compared to the price of Bitcoin, Ethereum's price had an average increase of 3.2% throughout the previous accumulation periods. For their part, BTC whale accumulation near the support zones is typically followed by a price movement in the positive direction.

On the other hand, the outcome is the complete opposite this time. Analysts believe that Ethereum has already been affected by the FTX contagion, which has recently spread throughout the entire cryptocurrency ecosystem.

It has been reported that Sam Bankman-Fried, the former CEO of FTX, used his trading firm, Alameda Research, to transfer a large number of ETH tokens to FTX in order to bring stability to the situation. However, the effort was unsuccessful as FTX and Alameda Research both declared bankruptcy a few days after the attempt.

Two of the most prominent cryptocurrencies have reached all-time lows.

The unfortunate events caused the price of Ethereum to continue to plummet as the market crisis caused its price to slide down its support levels before the whale's accumulation spree started. This occurred before the whale's accumulation spree began. The price of Ethereum has recently increased slightly and is now trading at $1.155.

In spite of this, Ethereum has shown signs of recovery, with its value increasing by 2% over the course of the previous twenty-four hours. In comparison, the performance of the largest crypto coin, Bitcoin, during the same period is unimpressive. Bitcoin's performance has been below average.

According to the most recent data from Coinmarketcap, the price of the most popular cryptocurrency has fallen to a level that is $17,376 lower than it was four months ago. Bitcoin has been at the forefront of market unpredictability for the better part of this year.

As Bitcoin approaches its weekly low on Monday, triggering yet another bloodbath in the cryptocurrency market, it is unfortunate that there is no sign of an end to the downward slope that it is currently on.