Ethereum (ETH) price continues to trade below $2,000 with no apparent directional bias. On-chain data shows that whales are selling wildly, meanwhile. Whales selling ETH are chasing new opportunities ahead of important developments planned for August…
Ethereum whales not optimistic about ETH’s future
Ethereum price remains under pressure from Bitcoin due to high correlation. But one of the specific factors that affect ETH is investor activity. As seen in Santiment’s Supply Distribution chart, whales have been busy selling ETH since early 2023.
Specifically, the number of addresses holding 100,000 to 1,000,000 ETH fell from 124 to 112, down 9.67%. The same trend is showing up at addresses holding 10,000 to 100,000 ether, which fell from 1.187 to 1.135. Addresses holding 1,000 to 10,000 ETH in relatively large numbers have dropped from 5,715 on April 17 to 5,494 now. As a result, whales holding 1,000 to 1,000,000 ETH are relatively bearish.
Ethereum price struggles with major hurdles
ETH price recently declined below a key support base at $1,920. This level was preventing ETH from rising from May 7 to June 30. The recent drop below this resistance was a sign that the bulls were out of control.
Also, a bearish trend is developing between price and momentum indicators. Technically speaking, Ethereum price is down 4% from its local high on July 3 of $1,974 and is currently trading at $1,925. A sure 4-hour candlestick closing below $1,920 could trigger a 7.70% sell-off to the $1,767 support level.
On the other hand, turning the $1,920 barrier into a support base on the daily timeframe will create more confidence among the sidelined buyers. Such a move would attract more capital and invalidate the decline thesis. This move could be a harbinger pushing ETH to $2,000 and beyond.
These 3 altcoins are in the limelight as whales sell ETH
While Santiment highlights the lack of interest among major ETH investors, it seems that these investors are on the hunt for new opportunities. For example, Litecoin’s millionaire addresses are increasing as the August halving approaches.
According to Santiment’s analysis, “The number of millionaire addresses for Litecoin continues to increase. This is because there is only one month left until the halving. Prices corrected during the July 4 holiday. But don’t be surprised if there is another LTC rally with all this whale buildup.”
Shiba Inu and Solana on the radar
Similar to Litecoin, the activity in Shiba Inu has been talked about a lot lately. On Wednesday, July 5, Shiba Inu became the token with the highest transaction fee. Santiment stated on this point:
The Shiba Inu has seen a huge surge in new daily addresses, with over 2,500 continuously created per day over the past few weeks. Despite the overwhelming price performance, our latest insight explains why there is hope behind one of 2021’s most beloved meme coins.
Similarly, the attention of traders has recently turned to Solana. Santiment explains that Solana has experienced a significant surge in attention. cryptocoin.com As we have reported, AAVE, COMP and MKR are among the coins that have become popular among whales.
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