Ethereum, the world’s premier altcoin, is currently wrestling with significant bearish forces. While its market value teeters slightly over $1,570, Ethereum whales are showing no signs of receding strength. With a declining market share against Bitcoin and mounting selling pressures, Ethereum stands at a precarious position.
The crypto giant has recently witnessed substantial sell-offs, primarily driven by its inability to push past the $1,750 mark. As a consequence, its value plummeted by 1.73% and currently hovers around $1,560, leading to a market capitalization of approximately $187 billion.
The top 10 whale addresses away from exchanges have amassed an impressive 39.22 million ETH. Moreover, on-chain metrics provider, Santiment, highlighted on X that these major players continue their accumulation spree, both on and off exchanges, with the total ETH on exchanges being 8.51%.
🐳 #Ethereum's top 10 non-exchange and top 10 exchange addresses continue getting richer as its market value hovers just above $1,570. 8.51% of $ETH currently sits on exchanges, and the 10 largest wallets away from exchanges hold a whopping 39.22M of them. https://t.co/amJfQocMLc pic.twitter.com/MaqASFmzbX
— Santiment (@santimentfeed) October 11, 2023
In the broader crypto marketplace, Ethereum’s position has shifted subtly. Since the beginning of the year, its slice of the $1 trillion crypto market capitalization has decreased from 18.4% to 17.8%. Bitcoin, on the contrary, has confidently surged past a 50% market share.
Earlier this week, the Ethereum Foundation’s conversion of roughly $2.7 million of Ether into USDC stablecoin added more selling pressure. Analysts, like Ali Martinez, caution that prices could tumble further if they breach the $1,530 mark. Current indicators also hint at a growing bearish momentum, with both the RSI and the AO slipping below their standard means.
#Ethereum is hovering above a critical demand zone. Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for $ETH. pic.twitter.com/5qLuXTXOtr
— Ali (@ali_charts) October 10, 2023
Moving forward, Ethereum might face another critical challenge at the $1,309 support level. Nevertheless, external factors could swiftly turn the tide. A bullish spike, potent enough to turn the $1,727 resistance into a support level, might change the game and potentially push Ethereum towards the $2,030 mark.
US’s recent introduction of six futures-based Ethereum ETFs failed to make a splash. Gathering a mere sum below $10 million in their inaugural week, the lukewarm response casts yet another shadow on Ethereum’s current standing.
