The ether (ETH) market faces uncertainty as a whale buys millions of dollars worth of ETH amid the cryptocurrency’s first weekly loss in over a month. ETH dropped nearly 10% this week to under $3,400, following a five-week winning streak and losses on Wall Street.

Despite the bearish trend, a whale bought $300 million worth of ether during the dip, signaling long-term conviction in the cryptocurrency. While prices indicate profit-taking, the significant purchase suggests a belief that the downturn is temporary, leading to a bullish divergence in the market.

As weaker hands sell off during the price drop, a high-conviction entity steps in with determined buying, indicating confidence in ETH’s potential. The market is experiencing a battle between profit-taking and strong buying pressure from a whale, shaping the future direction of ether.

Macro jitters, driven by a strong U.S. dollar and disappointing job data, have impacted the crypto market. Bitcoin remains relatively resilient compared to ETH, down only 4.5% for the week. The change in market sentiment against ETH was first noted in the options market, highlighting a shift in investor preferences.

Read more at Yahoo Finance: Ether Bullish Divergence? ETH’s 10% Weekly Price Loss Clashes With $300M Whale Buy