Ethereum [ETH] enthusiasts got excited last week as the king of altcoins’ price once again exceeded $3.9k.
enthusiasts got excited last week as the king of altcoins’ price once again exceeded $3.9k. However, ETH couldn’t hold its momentum and soon fell from that level. In the meantime, whales took the opportunity to stockpile more ETH.ETH had a rollercoaster ride last week as it managed to go above $3.9k on the 27th of May. But bears arrived soon as its value dropped.
This increase in the number of addresses suggested that whales were moving from a distribution phase to an accumulation phase. On top of that, ETH’s Coinbase Premium was red. This clearly meant that selling sentiment was dominant among US investors. The technical indicator MACD displayed the possibility of a bearish crossover. The Money Flow Index registered a slight downtick.
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