Ethereum’s Value Keeps Falling; Is the Worst Still Ahead?

• Large Ethereum holders have accumulated 40 million ETH despite sell-off pressure.
• Ethereum’s market share has decreased from 18.4% to 17.8% this year.
• Ethereum’s current price of $1557 reflects a 2.17% decrease in 24 hours.

Data from the blockchain indicates that large Ethereum holders demonstrate robustness amidst intense sell-off pressure. Based on the current data, the ten largest Ethereum holders have accumulated an impressive 40 million ETH recently.

Santiment, a provider of on-chain data, has observed that the richest Ethereum wallet addresses, both on and off exchanges, persist in accumulating ETH despite the price of Ethereum hovering around $1,550. The ten largest non-exchange wallet addresses currently hold an impressive 39.22 million ETH, while only approximately 8.51 percent of the total supply is retained on exchanges.

Ethereum is lagging behind Bitcoin due to the existing sell-off pressure. From the start of the year, Ethereum’s proportion of the overall cryptocurrency market value has decreased from approximately 18.4% to 17.8%. As Ethereum’s market share declines, Bitcoin’s has surged past the 50%.

Severe Downtrend

According to CMC data, Ethereum (ETH) is currently priced at $1557, reflecting a 2.17% decrease over the past 24 hours. Additionally, there has been a 22.80% drop in trading volume. The price is experiencing significant selling pressure. After encountering substantial resistance at the $1734 mark, the price has been undergoing a pronounced downtrend.

Additionally, the current price has breached the crucial support level of $1569 during this analysis. It is now expected to challenge the $1430 mark. A continued downward trend could lead to the price testing of the $1120 region.

Conversely, if the bulls push the price beyond the resistance level of $1654, we could anticipate a new surge. Given that the U.S. inflation data is due for release today, high volatility is likely to be experienced by investors and traders.