If you've been watching the Ethereum chart, it's been a tough ride. The ETH/BTC ratio has slid down to key multi-month lows.
Why is this happening?
Short-term Layer-2 revenue cannibalization.
Macro liquidity rotation into dominant tech assets.
But here is the twist: While the retail crowd is panic-selling, on-chain data shows massive chunks of ETH steadily leaving major exchanges into cold storage. Whales are quietly accumulating at a steep discount.
When a major pair drops below its long-term moving average like this, history shows it creates a coiled spring effect. Once the narrative shifts, the short squeeze could be violent
I’m looking closely at an accumulation play right here on the Spot market, keeping a tight invalidation close below the recent swing low.
👇 Tap the yellow coin tags below to check the live order book flow and see the exact entry zone: