Is The Expected Bull Market Postponed In This Altcoin: Whales Are Leaving!

Ethereum The (ETH) market is facing significant challenges as recent data reveals a significant decline in the holdings of major investors. According to data from blockchain analytics, the number of Ethereum addresses holding more than 1,000 coins has reached a 10-month low of 6,268.

This low was previously observed in November 2022 with a slightly higher number of 6,270. This downward trajectory of whale assets is typically a bearish sign. It suggests that large-scale investors may be losing faith in Ethereum’s short-term prospects.

Such a shift in the sentiment of key investors often has a noticeable impact on the market. First of all, their transactions are large enough to affect the price of Ethereum.

Currently, Ethereum is trading around $1,870, approaching the 50-day Exponential Moving Average (EMA). This technical level is the second largest by market cap. cryptocurrency It is possible that it could become a potential consolidation point for the unit.

However, declining trading volume means less interest among traders. This, in turn, potentially affects the price stability of Ethereum. It is possible that such movements among whale investors can be attributed to a number of factors.

Some whales are profiting after previous rallies of Ethereum. However, it is possible that others are reallocating their assets in response to market trends.

It is also possible that concerns about Ethereum’s scalability and high transaction fees are causing some whales to reduce their holdings. It is worth noting that Ethereum is on the verge of receiving a major upgrade aimed at improving scalability, security, and sustainability.

This upgrade is likely to affect investor sentiment as the potential risks and benefits of the transition become clear. The decrease in altcoin holdings by whales is likely to signal a loss of confidence. On the other hand, it may seem alarming to some investors as it may indicate a recession in the market.

You can find the current market movements here.

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