21 April, 2024

Ethereum’s Duel with Bearish Forces: Whales Hold Strong Amidst Market Shifts

11 Oct, 2023

10 Feb, 2024

  • Ethereum grapples with bearish trends, yet top whales remain undeterred, amassing 39.22M ETH away from exchanges. 
  • While Ethereum’s market cap share dips to 17.8%, Bitcoin confidently claims over 50% of the $1T crypto market. 
  • Newly launched Ethereum ETFs in the US see tepid interest, with under $10M garnered in the first week.

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%.

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.

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.



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