After the rally following the low levels in March, analysts said; Ethereum, Bitcoin and other top cryptocurrencies are waiting for a withdrawal. Analysts argue that the bull acceleration up to 10 days ago has been lost with simple technical factors.
However, even this downturn could not prevent large investors from accumulating.
Large Investors Accumulate Ethereum and ERC-20 Tokens
According to data shared by blockchain analytics firm Santiment, large investors who have held cryptocurrencies like Ethereum since last month continue to stock.
The firm quoted the table below; “What have some of the top crypto owners done in the past few weeks? The answer is simple: they have been accumulated. ” said.
Data also shows that whales increase their investment in Bitcoin and make accumulation a trend across the cryptocurrency community.
Analysts: Crypto Moneys Prepare to Fall
Whales may be rushing to accumulate Ethereum and other leading Crypto Moneys, but analysts are currently envisioning a total retreat for the subcoin asset class.
Josh Olszewicz, a crypto analyst from Brave New Coin, observed that Bitcoin showed a strength signal on May 15: golden cross
Olszewicz pointed out that the 50-day moving average is above the 200-day moving average of the Bitcoin domination chart. The arrival of the golden cross may be disappointing for those who are waiting for the “Crypto Money season”, the analyst said.
Previous golden crosses on Bitcoin’s domination chart came before the big rallies in Bitcoin. This suggests that it will probably happen again.
This perspective was also expressed by the chief technical analyst at the crypto research firm Blockfyre. “I think the Crypto Money market may surrender soon,” said the analyst, and said, “we haven’t seen the worst yet.”
The analyst attributed this phenomenon to a number of trends: 1) It seems that Bitcoin’s dominance chart will be higher. 2) Halfway will centralize crypto wealth in BTC. 3) There are many cryptocurrencies that still hold millions of dollars.