The Ethereum Whale continues to hold onto diamonds and buys more each time it falls. However, investors need to be cautious when falling below $1550
The Ethereum Whale continues to hold onto diamonds and buys more each time it falls. However, investors need to be cautious when falling below $1550.
The world's largest cryptocurrency, Ethereum, is facing strong selling pressure, with Ethereum prices facing strong rejection at the $1750 level. As of press release, the trading price of ETH has decreased by 1.73% to $1560, with a market value of $187 billion.
Ethereum Whales Show Strength
According to on chain data, despite facing strong selling pressure, Ethereum Whales continues to show strong strength. The last 10 largest whale addresses have accumulated an astonishing 40 million ETHs.
On chain data provider Santiment reports that the wealthiest Ethereum addresses (both on and off exchanges) continue to accumulate more wealth, while Ethereum's market value is still slightly above $1570. Currently, approximately 8.51% of Ethereum ($ETH) is stored on the exchange platform, while the top 10 non exchange addresses have a total of up to $39.22 million in ETH.
However, under the current selling pressure, Ethereum has been losing to Bitcoin. Ethereum's share of the total market value in the trillion dollar cryptocurrency market has decreased from approximately 18.4% at the beginning of the year to 17.8%. While the ETH market continues to decline further, the BTC market share has skyrocketed to over 50%.
On the other hand, on Monday, the Ethereum Foundation converted approximately $2.7 million worth of Ethereum into stable currency USDC through a sale. This further puts some selling pressure on the world's second largest cryptocurrency. Cryptocurrency analyst Ali Martinez pointed out that falling below the $1530 level may result in a significant sell-off.
ETH Price Analysis
As of the time of publication, ETH prices were slightly above the key support level of $1550. However, the Relative Strength Index (RSI) and Momentum Oscillation Index (AO) indicators have both fallen below their respective average levels of 50 and 0. This indicates a significant increase in the downward trend.
Looking ahead, investors should expect Ethereum prices to retest the next support level of $1309.
Regardless of the bearish signs, if external factors such as news or macro events generate a strong bullish surge, it may quickly change the direction of the wind. In this case, if the Ethereum price flips the $1727 level to support, the bearish outlook will be invalidated. This move may further push ETH to retest the $2030 level.
The past week has been an important benchmark for Ethereum investors, as the United States has launched six futures based ETFs. However, these new ETFs raised only slightly less than $10 million in their first week of listing, indicating a cold response from investors.
The market is constantly changing. If you want to stay together for warmth or have any doubts, please feel free to leave a message.
Thank you for reading. Friends who like it can follow me
#Ethereum # # BTC # # Cryptocurrency#
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
