- Ethereum faced strong selling pressure around $1,750. Currently, ETH is trading at $1,564, down 0.22%.
- Santiment reported that the richest Ethereum addresses in both exchanges and off-exchange locations are continuing to accumulate more assets, even though the Ethereum market value is still above approximately $1,570.
- On Monday, the Ethereum Foundation converted approximately $2.7 million worth of Ether into USDC through a sale, adding some selling pressure to the world’s second-largest crypto.
Despite recent heavy selling pressure on Ethereum’s price, it appears that whales are continuing to accumulate ETH.
Whales Haven’t Given Up on ETH Accumulation
The world’s largest cryptocurrency, Ethereum, faced strong selling pressure around $1,750. Currently, ETH is trading at $1,564, down 0.22%, with a market value of $187 billion.
According to on-chain data, Ethereum whales are still showing significant strength despite the strong selling pressure. The top 10 whale addresses have accumulated a remarkable 40 million ETH recently.
On-chain data provider Santiment reported that the richest Ethereum addresses in both exchanges and off-exchange locations are continuing to accumulate more assets even though the Ethereum market value is still above approximately $1,570. Currently, about 8.51% of all Ethereum is held on exchange platforms, while the top 10 off-exchange addresses collectively hold an impressive 39.22 million ETH.
However, amid the current selling pressure, Ethereum seems to be losing against Bitcoin. Its share of the total market value within the $1 trillion crypto market has dropped from approximately 18.4% at the beginning of the year to 17.8%. As the ETH market falls further, BTC’s market share rises above 50%.
On the other hand, the Ethereum Foundation converted approximately $2.7 million worth of Ether into USDC through a sale on Monday. This added some selling pressure to the world’s second-largest crypto. Crypto analyst Ali Martinez noted that there could be significant selling below the $1,530 level.
Ethereum (ETH) Price Analysis
At the current moment, the ETH price is trading just above the critical support level of $1,550. However, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators have both dropped below the respective average levels of 50 and 0. This indicates a significant increase in bearish momentum. In the coming days, investors should expect Ethereum’s price to retest the possible next support level at $1,309.
Despite bearish signals, external factors such as news or macro events can quickly change the winds if they produce a strong bull run. In that case, if the Ethereum price turns the $1,727 resistance into support, it would invalidate the bearish view. This move could lead to ETH retesting the $2,030 resistance.
Last week, the introduction of six futures-based ETFs in the United States was a significant measure for Ethereum investors. However, these new ETFs collected slightly less than $10 million from investors in their first few weeks, indicating a lukewarm reception from investors.
