The second-largest cryptocurrency in the world, Ethereum (ETH), is currently trading 1.21% down at a price of $1,570 with a market worth of $188 billion due to selling pressure.
Active Ethereum Whales
Since a while ago, ETH has been subject to selling pressure and has been unable to surpass the $1,600 barrier. The whales in Ethereum are taking advantage of the chance, though. According to on-chain data source Santiment, the amount of Ethereum held by billionaire wallets has reached a 7-year high.
32.3% of the entire supply is now held by whale addresses on the Ethereum network, which are identified by holdings of at least 1 million ETH. This is the first time since 2016 that there has been such a significant concentration. The amount of transactions worth more than $1 million also reached its second-highest level over the previous five weeks. According to Santiment, these developments point to a pivotal point in Ethereum’s evolution.
There has been a lot of talk recently about Ethereum co-founder Vitalik Buterin moving significant quantities of currency to exchanges. Additionally, this development has prolonged the period of selling pressure on the price of ETH. Buterin has stated that all of the coins he just sold were exclusively done so for charitable causes and gifts, not for his own financial gain.
ETH Price Movement
The price of Ethereum, which is currently at $1,568, has increased after recovering from the support level of $1,533. While trying to retake the $1,686 resistance as a support level, the cryptocurrency ran into opposition at the 50-day Exponential Moving Average (EMA).
The Relative Strength Index (RSI) shows that there is still a chance for a price increase for Ethereum. The RSI is currently in the bearish region, hovering around the neutral level of 50.0, but a further rise might turn it into a support level, confirming a positive signal.
The optimistic view would be invalidated if, on the other hand, the bullish signal were to fail to materialize and the $1,533 support level were to be violated.