The collapse of FTX crypto exchange has caused a lot of damage to the crypto market. However, Ethereum saw more selloffs after the crash. Chart patterns continued to deteriorate as the ETH price plummeted from $1,661 down to $1,081 in a month. During this time, Ethereum whales took advantage of the opportunity to add more than $1 billion worth ETH to the price drop to a critical support level.
Ethereum Whales Buys the Dip
According to Santiment, large Ethereum whales added nearly 947,940 ETH, which is more than $1 billion, on November 21. It is the 5th largest single-day whale accumulation, according to the Ethereum (ETH) Percentage Of Supply Held data.
The ETH price has risen by an average 3.2% against Bitcoin in the last four instances. Whales that accumulate Bitcoin at support levels are a bullish indicator of a potential reversal. FTX contagion means that Ethereum continues to consolidate.
Ethereum Whale Accumulation. Source: SantimentEthereum was greatly affected by the FTX crises as the crypto exchange had to deal with ETH shortages, resulting in a liquidity crunch. Alameda Research, the CEO of FTX, transferred large amounts of ETH to crypto exchange. Both filed for Chapter 11 bankruptcy.
Moreover, FTX Accounts Drainer began siphoning crypto assets from FTX wallets, and converting them all to Ethereum. The question of whether the address of the drainer is associated with FTX or SBF was raised. The FTX Accounts Drainer does not appear to be related to any party, as it dumped Ethereum to Bitcoin.
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ETH prices continued to fall amid the FUD of FTX drainer selling ETH holdings. As speculation fades slowly, whales have entered. The price of Ethereum could rise from its current levels.
ETH Shows Signs of Recovery
Today’s low Ethereum price was $1,081. The ETH price is $1,081 and $1.140 respectively, at the current hourly low and high. The ETH price is currently trading at $1.113, down almost 1% over the last 24 hours. The price has risen 2% in the past few hours.

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