Ethereum Prepares to Close Q1 with its Worst Returns Since 2018, ETH Whales Accumulate for Recovery Phase

News

  • Ethereum prepares to close Q1 with its worst returns since 2018.
  • ETH whales have begun to heavily accumulate the pioneer altcoin. 
  • Analysts expect ETH to pump and set a new ATH ushering altseason peak.

The crypto market watches with bated breath as the market nears its monthly close. Sentiments are down as the month of March looks to be ready to close in a bearish price for Bitcoin (BTC), Ethereum (ETH) and all altcoins. Amidst this view, the pioneer altcoin Ethereum prepares to close Q1 with its worst returns since 2018. Despite this bearish close, ETH whales seem to be accumulating for a bullish recovery phase. 

Ethereum Prepares to Close Q1 with Worst Returns Since 2018

https://twitter.com/Cointelegraph/status/1906179593268023754

As we can see from the post above, Ethereum prepares to close Q1 with its worst returns since 2018. The image in the post above shows how the pioneer altcoin Ethereum (ETH) performed since 2016 in all four quarters. The post highlights how this year, Ethereum is closing in a terribly low red price, one that hasn’t been seen since 2018. The image also shows the percentage by which ETH usually performs well in Q1. 

This is especially discouraging news for ETH holders and altcoins holders waiting for the altseason peak phase. Ethereum’s quarterly returns have usually been very bullish in Q1. More importantly, ETH tends to set a new ATH in Q1 following a Bitcoin Halving year, which most often than not leads to the onset of that cycle’s altseason peak phase. This year analyst expected ETH to set a new ATH and trigger altseason peak as it should have.

Unfortunately, the bull cycle so far has not seen a new ATH for ETH price, nor has it seen the arrival of altseason peak. In fact, many analysts now believe that the previous 4-year cycle has gone obsolete and is no longer the blueprint that will determine the path of the crypto market and its bull and bear cycles. If this is true, then this cycle’s conclusion will likely pave a new path for the future of crypto pumps and dumps. 

All in all, analysts are certain that the bull market is far from over and while things may not be the same as last cycle, bullish days are certainly ahead. In the eyes of many reputed analysts, the bull cycle cannot conclude without a bullish altseason peak and this cannot occur unless Ethereum (ETH) sets a new ATH this cycle, perhaps even this year. 

ETH Whales Accumulate for Recovery Phase

Taking this in mind, ETH whales seem to be on the positive when it comes to the price of ETH. At the moment, ETH price has fallen to the $1,800 price range and it seems that based on the whale activity in the post above, whales seem to be thinking ETH is nearing its local bottom. The post shows how an ETH whale bought 3,195 ETH amounting to over $5.9 million, pointing to ETH possibly entering its recovery phase soon. 

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