Despite a drop in Ethereum price and market share, Ethereum whales are accumulating assets and holding firm amid market trends.
Highlights
- Ethereum whales acquire 40 million ETH despite market declines.
- ETH price experiences resistance, falling 1.73% to $1,560.
- The Ethereum Foundation induces selling pressure by converting $2.7 million of ETH to USDC.
- New futures-based ETFs in the US see a muted response, raising just under $10 million in the initial week.
Ethereum, the world's largest cryptocurrency, has faced significant selling pressure, facing severe rejection at the $1,750 mark and is currently trading down 1.73% at $1,560, with a market capitalization of 187 billion dollars. Despite this downward trend, Ethereum whales, who represent the largest holders of the cryptocurrency, are standing firm and displaying their โdiamond handsโ by holding firm and even expanding their portfolios amid the downturn.
#Ethereum is located above an area of โโcritical demand. Stay tuned as a daily close below $1,530 could signal a sharp correction ahead for $ETH. pic.twitter.com/5qLuXTXOtr
- Ali (@ali_charts) October 10, 2023
Ethereum whale movements
According to the on-chain data provider Holy, the richest Ethereum addresses, both on exchanges and private wallets, have been compounding their holdings. Right now, roughly 8.51% of all Ethereum ($ETH) finds its home on exchange platforms, while the top 10 off-exchange addresses hold a formidable 39.22 million $ETH.
However, the trajectory has not been uniformly bearish. Ethereum The market value, although currently hovering slightly above $1,570, has seen its share of the total crypto market capitalization decline from 18.4% at the start of the year to the present 17.8%. In contrast, Bitcoin's market share has surpassed the 50% threshold.
Adding to the tension in the Ethereum market, the Ethereum Foundation on Monday transferred approximately $2.7 million worth of Ether to the USDC stablecoin, inducing further selling pressure on the second-largest cryptocurrency. Crypto analyst Ali Martinez suggests that a sell-off could emerge if levels fall below $1,530.
Concluding thoughts
In a market defined by its volatility, the strength of Ethereum's whales appears to juxtapose the turbulent waters Ethereum is currently navigating. Its unwavering and even accretive approach amid dips raises considerations: is this a calculated gamble betting on an upcoming rally, perhaps tied to externalities like the upcoming Ethereum Shanghai upgrade, or a manifestation of a firm belief in long-term viability? Ethereum term?
Investors should proceed cautiously and keep an eye out for fundamental price points that could act as potential support points for the market to swing in either direction. The resilience or possible reversal of Ethereum in the coming weeks will indeed present a fascinating case for analysts and investors alike, particularly when examining the strategy and resilience of whales during these turbulent times.
