Sellers are present on Ethereum – Is the cryptocurrency sector taking a new step in its history? Blackrock, one of the world’s leading asset management companies, has just filed a bitcoin ETF application. THE ethereum price has been struggling for a few weeks, but remains relatively resilient with Bitcoin. However, do the whales continue to distribute? Isn’t the fall over?
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Ethereum price climbs 2% in 24 hours
Ethereum is in the red for three months. THE ethereum price 7% drop in three months :
The price of ETH fall of almost 9% in one weekand nearly 8% in one month. Ethereum is up more than 40% in six months. The ETH/BTC pair 5.5% drop in one week.
The price falls, and the whales distribute Ethereum
Whales are entities with more than 1,000 BTC. Concretely, these are entities that can influence the price of cryptocurrencies. Here, we will focus on addresses with more than 10,000 ETH, interesting entities to analyze for Ethereum. Here is the graph from the Glassnode site:
As can be seen on the graph, the whales distributed during the last phase of the bull run in 2021. Indeed, the whales sold when the price moved around $3,000. These entities have again accumulated when the price fell, and especially at the end of 2022 when ETH was trading at $1,000-$1,500. For the past few weeks, the whales no longer seem to be confident. Indeed, even if the course has already dropped by more than 20%these entities continue to distribute.
Ethereum price is back at the support level at $1,650
The course was rejected at the level of the resistance at $1,770it is back at the level of the bracket at $1,650 :
Now buyers must defend the support to avoid sliding towards the next support in 4H located at $1,500. Currently, the course is at the level of institutional bias (EMA 9/EMA 18) bearish, it could act as dynamic resistance. However, if the buyers push, the price could go back to the level of the resistance at $1,770. The RSI is always bearishit continues to evolve below the bearish trendline. Once crossed, bullish volatility could be set up.
While the course ofEthereum falling more than 20% since the last high marked at $2,150, the whales continue to distribute. Ethereum price is back at the support level at $1,650. The buyers must now defend this support to hope to return to the resistance level in 4H at $1,770. A further fall would likely take the price to $1,500.
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