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

Ian Pittman by Ian Pittman
2 years ago
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.

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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.

Ethereum's Value Keeps Falling; Is the Worst Still Ahead?
Source: CoinMarketCap

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.

Tags: AltcoinBitcoinETHSell-Off
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Ian Pittman

Ian Pittman

A professional reporter, an inquisitive and innovative individual who poses inquiries that others may shy away from. He is keenly interested in the metaverse, technological advancements, and NFTs.

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Ethereum (ETH)
5.37%
$ 2,751.39
$ 147.75
⇣ 2,597.47
9 Jul
⇡ 2,751.39
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