In the cryptocurrency market FUD, smaller participants have been selling their Ethereum, while larger participants are accumulating at the same time.The trading price of Ethereum (ETH), the world's second largest cryptocurrency, has been around $1650, but there have been some interesting developments in online activities
In the cryptocurrency market FUD, smaller participants have been selling their Ethereum, while larger participants are accumulating at the same time.
The trading price of Ethereum (ETH), the world's second largest cryptocurrency, has been around $1650, but there have been some interesting developments in online activities.
Recently, prices have plummeted, and although small traders have been trying to sell off their supply, their big traders have been accumulating. This has led to a concentration of ETH supply, with the top 10 ETH addresses currently controlling 35% of the total supply. However, do not consider it as the centralization of ETH here.
On chain data provider Santiment explains, "The top 10 addresses in the Ethereum network currently have over 35% available supply. Although this does not indicate a sudden shift towards centralization of the second type of cryptocurrency asset in the cryptocurrency field, it does highlight how smaller traders succumbed to fear, uncertainty, and doubt (FUD) during this market downturn.
In recent price fluctuations, ETH whale trading volume has also increased in the past three months. Since early June, over 1788 10-10KETH wallets have been added to their bags.
Santiment explained, "With Ethereum falling below $1650 and the price environment showing significant fluctuations, address activity on its network has significantly increased. The number of wallets holding $10 to $10000 ETH has rebounded to 355000, while trading volume of $100000 or more has surged.
Future price trends of Ethereum (ETH)
After a significant adjustment last week, the world's second largest cryptocurrency, Ethereum (ETH), has successfully maintained a level of $1650.
Ethereum is currently below the $1680 mark and the 100 hour simple moving average. In addition, an important bearish trend line is forming on the ETH/USD hourly chart, with resistance levels around $1665.
If Ethereum is unable to break through the resistance level of $1665, it may trigger a new decline. The initial support level worth noting in the downward direction is around $1600. The first important support is located near the $1580 area.
If the price drops below $1580, there may be further losses. The key support that followed was around $1550. Additional losses may lead to prices approaching $1520 or even falling to new lows below $1500.
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