Ethereum Whales Buying At Every ETH Price Dip, What’s Next?

The world’s largest cryptocurrency Ethereum has come under strong selling pressure with ETH price facing strong rejection at $1,750 levels. At press time, ETH is trading 1.73% down at a price of $1,560 and a market cap of $187 billion.

Ethereum Whales Show Strength

As per the on-chain data, Ethereum whales have continued to show major strength despite the strong selling pressure. The 10 largest whale addresses have accumulated a staggering 40 million ETH recently.

On-chain data provider Santiment reported that the wealthiest Ethereum addresses, both on and off exchanges, continue to accumulate more wealth while Ethereum’s market value remains slightly above $1,570. At present, approximately 8.51% of all Ethereum ($ETH) is held on exchange platforms, while the top 10 non-exchange addresses collectively possess an impressive 39.22 million $ETH.

However, amid the current selling pressure, Ethereum has been losing ground to Bitcoin. The percentage of total market capitalization held by Ether in the $1 trillion crypto market decreased from approximately 18.4% at the beginning of the year to 17.8%. While the ETH market continues to drop further, the BTC market share has soared past 50%.

On the other hand, On Monday, the Ethereum Foundation converted approximately $2.7 million worth of Ether into the stablecoin USDC through a sale. This has further induced some selling pressure on the world’s second-largest crypto. Crypto analyst Ali Martinez noted that there could be a major sell-off below $1,530 levels.

#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

Ethereum (ETH) Price Analysis

As of press time, the ETH price is trading just above the crucial support level of $1,550. However, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators have both crossed below their respective mean levels of 50 and 0. This indicates a notable increase in bearish momentum.

Looking ahead, investors should anticipate the Ethereum price to potentially retest the next support level at $1,309.

Regardless of the bearish signs, if external factors like news or macro events produce a strong bullish spike, it could shift the winds quickly. In such a case, if the Ethereum price flips the $1,727 hurdle into a support floor, it will invalidate the bearish outlook. This move could further propel ETH to retest the $2,030 hurdle.

The past week served as a crucial gauge for Ethereum investors as the United States saw the introduction of six futures-based ETFs. However, these new ETFs managed to gather only slightly below $10 million in their initial week, indicating a lukewarm response from investors.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.