Glassnode: “Ethereum Bear Starter Indicator Reactivated!”

Having made a name for himself with the tremendous rise he experienced in 2023, bitcoin He talks about the downfalls he’s been through these days.

BTCAs it prepares to close with a red candle for the first time in 2023, the biggest altcoin EthereumThe situation is no different in .

ETH also made a good start this year and closed the first four months in a row with a green candle, reaching $2,140 in April.

However, ETH, like Bitcoin, is preparing to close May with a red candle.

This bearish trend in ETH ETH This was also reflected in the number of whales that caught it.

At this point Glassnode has more than 1,000 Ethereum shared that the number of addresses holding whales has reached 6,268, the lowest level of the last 10 months.

The previous low was 6,270 in November 2022, when FTX went bankrupt.

📉 #Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 10-month low of 6,268

Previous 10-month low of 6,270 was observed on 02 November 2022

View metric:https://t.co/iDNXAbcjH1 pic.twitter.com/SNVGSIJR0j

— glassnode alerts (@glassnodealerts) May 31, 2023

Commenting on this Ethereum data from Glassnode, some analysts said that the decreasing number of whales holding ETH is typically a bearish sign.

The decrease in the number of large-scale investors called whales is also interpreted as a decrease in the expectation of these investors for the rise of Ethereum.

analysts “Such changes in the sentiments of key investors such as whales often have a noticeable impact on the market, primarily because their transactions are large enough to affect the price of Ethereum. Such movements among whale investors can be attributed to a number of factors. This also shows that the whales may have profited after the previous rallies of Ethereum.” said.

It fell to $ 1,857 with the sharp decline it experienced today. EthereumIt continues to trade at $1,868.

*Not investment advice.