The ether (ETH) market is at a critical juncture as a whale snapped up ether (ETH) worth millions, positioning itself bullishly against the cryptocurrency's first weekly loss in over a month. Programmable blockchain Ethereum's native token, ether, has dropped nearly 10% this week, hitting lows under $3,400 at one point, CoinDesk data show . The decline follows a robust five-week winning streak, signaling profit-taking or de-leveraging alongside losses on Wall Street. The bearishness, however, contrasts with a powerful signal of long-term conviction from a whale. According to on-chain data tracked by Arkham Intelligence , a single entity snapped up a massive $300 million worth of ether as prices fell, executing a major "buy the dip" operation. It's the case of bullish divergence. While the weekly price action suggests a loss of immediate upward momentum and potential profit-taking, the significant whale purchase indicates a belief that the recent downturn is merely a temporary setback. The message is clear: As the price drop flushes out weaker hands, the process if being met with determined buying from a high-conviction entity. A fresh bout of macro jitters, sparked by the buoyant U.S. dollar and Friday's disappointing U.S. jobs data , has put the crypto market on the back foot. Bitcoin, the largest digital asset by market value, has held relatively resilient, down just 4.5% for the week. BTC's outperformance relative ETH confirms the change in market sentiment sentiment against ETH that was first signaled by the options market.
