The largest altcoin, ether (ETH), managed to stay above $1100 amid heightened volatility this week. As of Friday, ETH is holding steady at $1270, with the cryptocurrency’s capitalization falling by more than 19% to $155.653 billion over the week.
Support around $1300 did not work, and many traders do not rule out the coin falling below $1000 by the weekend. According to Santiment, medium- and large-sized investors took advantage of the ether collapse and built up reserves in the cryptocurrency at a comfortable value.
Analysts found that addresses of 100 to 1 million coins purchased 657,390 ETH last Wednesday. The whale swim was observed at the very moment when the market was testing its lowest values in the last two years.