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Ethereum Whales Accumulate 40 Million ETH Despite Selling Pressure
The price of Ethereum (ETH), the world’s largest cryptocurrency, is facing strong selling pressure and has been rejected at $1,750 levels. Currently, ETH is trading at $1,560, down 1.73%, with a market cap of $187 billion.
Ethereum Whales Show Strength
Despite the selling pressure, Ethereum whales have demonstrated significant strength. The top 10 whale addresses have recently accumulated a massive 40 million ETH. On-chain data provider Santiment reported that the wealthiest Ethereum addresses continue to accumulate more wealth while the market value of Ethereum remains slightly above $1,570.
About 8.51% of all Ethereum is held on exchange platforms, while the top 10 non-exchange addresses collectively possess around 39.22 million ETH.
Ethereum Losing Ground to Bitcoin
While Ethereum faces selling pressure, it has been losing ground to Bitcoin in terms of market capitalization. At the beginning of the year, Ether held approximately 18.4% of the total crypto market capitalization, but now it has decreased to 17.8%. Meanwhile, Bitcoin’s market share has surged past 50%.
Selling Pressure from Ethereum Foundation
The Ethereum Foundation recently sold approximately $2.7 million worth of Ether by converting it into stablecoin USDC. This has added further selling pressure to the second-largest cryptocurrency.
Technical Analysis and Price Outlook
Currently, the ETH price is hovering just above the crucial support level of $1,550. However, indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) show bearish momentum, crossing below their respective mean levels of 50 and 0.
If the price continues to drop, the next support level to watch is at $1,309. However, if there are strong bullish spikes due to external factors or news, it could invalidate the bearish outlook. In such a scenario, if Ethereum manages to flip the $1,727 hurdle into a support floor, it could potentially retest the $2,030 resistance level.
Ethereum ETFs Receive Lukewarm Response
Last week, six futures-based ETFs were introduced in the United States. However, they only managed to gather slightly below $10 million in their initial week, indicating a lukewarm response from investors.
Hot Take: Ethereum Whales Continue Accumulating Despite Selling Pressure
Ethereum whales have shown significant strength by accumulating 40 million ETH despite the ongoing selling pressure. This demonstrates confidence in the long-term potential of Ethereum. While the current market conditions are bearish and Ethereum is losing ground to Bitcoin, it is important to consider external factors that could quickly shift the market sentiment. Investors should closely monitor key support and resistance levels for potential price movements.
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Source: [CryptoReader](https://www.cryptoreader.com/ethereum-whales-accumulate-40-million-eth-despite-selling-pressure/)
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