As Ethereum struggles to regain the $3,000 mark, the number of whale holders has dropped, indicating increased selling pressure.
Amid Ethereum’s ongoing battle to reclaim the $3,000 mark, a noticeable retreat by whale investors hints at underlying market tremors.Despite attempts to rally, ETH has consistently fallen short, leading to growing concerns among investors and market participants.
At the beginning of the year, the number of addresses holding 10,000 or more ETH was around 1,020. However, this figure has steadily decreased, falling below 960 by August 2024, marking the lowest level seen since 2017.The steady decrease in the number of large ETH addresses could be interpreted as a bearish signal.
This trend could indicate that these large holders are either taking profits, reallocating their portfolios to other assets, or preparing for a potential further decline in the market.As these large holders continue to sell off their ETH, the market may face heightened selling pressure. Without sufficient demand from new buyers to absorb this increased supply, the price of
This reversal might indicate that these entities believe Ethereum’s price has reached a level where it represents good value, leading to increased buying activity.The increase brought the price to approximately $2,637. As of this writing, ETH continues to trade with an over 1% increase, maintaining its level at around $2,637.
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