Ethereum whales scoop up the altcoin as ETH price hits the $1,200 level

• Ethereum price is close to a psychological support level at $1,200 after yielding 7% losses over the past week. 
• Tether coordinated with a third party to move 1 billion USDT from Solana to the Ethereum blockchain on Friday. 
• Analysts expect Ethereum price to recover and make a comeback above the 200-day moving average at the $1,600 level. 

Ethereum whales have been scooping up the altcoin through the recent dip in its price. The second-largest cryptocurrency by market capitalization is close to its psychological support level at $1,200 and analysts expect a recovery in ETH price. 

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Ethereum accumulation by large wallet investors picks up pace

Large wallet investors on the Ethereum blockchain scooped up the altcoin. Whales engaged in mass accumulation of ETH through the recent dip in the second-largest crypto by market cap. 

Ethereum price nosedived from the $1,293 level, close to the psychological support level of $1,200. The altcoin yielded 7% losses last week and 21% over the past two weeks. FTX exchange contagion spread to top cryptocurrency entities in the space and negatively influenced Bitcoin, Ethereum and altcoin prices. 

Ethereum Shark and Whale Addresses aggressively accumulated ETH 

Tether swaps 1 billion USDT tokens from the Solana to Ethereum blockchain

Tether announced a chain swap, moving USDT tokens from one blockchain to another. On Friday November 18, 1 billion USDT tokens were swapped from the Solana blockchain to Ethereum. 

This move by the stablecoin giant followed Binance’s decision to temporarily delist USDT on the Solana blockchain. Multiple cryptocurrency exchanges followed Binance and delisted Solana-based stablecoins without providing an explanation. This unusual move followed the FTX exchange collapse and bankruptcy filing. BitMEX, OKX and Bybit were among the exchanges that…