Ethereum (ETH) has dropped nearly 30% since December 16, 2024, due to Bitcoin's (BTC) crash under $90K on Monday. The sudden collapse in BTC and the broader crypto market seems to have created an opportunity for whales to accumulate. According to on-chain data, the supply held by whales has grown by more than 1 million ETH since then. With this bullish development, what's next? A sustained bottom formation or a swift rally beyond 2024 highs? Let's explore.
Akash Girimath is a Managing Editor at AMBCrypto. With a background in engineering, he has cultivated a deep interest in cryptocurrency markets, specializing in crypto analysis, trading, and market trends. His insights have been featured in FXStreet and CoinGape News, where he covers a range of themes including blockchain, finance, and the intricacies of cryptocurrencies such as Bitcoin and altcoins.