- Ethereum’s top 10 whale addresses are continually accumulating ETH
- The Ethereum whales now hold 20.58% of ETH’s circulating supply
- This is the highest percentage they’ve held since May 2017
- 2.12% of their holdings was accumulated in the last 41 days
- Ethereum is once again trading below $2k with $1,700 being a support zone to watch
The top 10 whale addresses on the Ethereum network now hold roughly 20.58% of ETH’s circulating supply. This is according to analysis shared by the team at Santiment which also pointed out that the Ethereum whale addresses have accumulated 2.12% of ETH’s circulating supply in the last 41 days.
Ethereum‘s top 10 largest addresses now own the highest percentage of ETH‘s overall supply (20.58%) since May, 2017. After dropping as low as 18.46% after the All Time High, they’ve now accumulated 2.12% more of ETH‘s total supply in the last 41 days.
Ethereum Loses $2k Support, $1,700 The Next Level to Watch
In the last 48 hours, Ethereum’sprice has been dragged down by Bitcoin’s most recent dip to today’s local low of $31,550. As a result, Ethereum has also lost its $2k support to post a local low of $1,860 earlier today.
It is with this background that the team at Crypterium research has identified $1,700 as Ethereum’s next level of interest due to the existence of a descending triangle as explained below.
…a descending triangle has formed on the chart [below], within which the price moves. Already twice, Ethereum has tried to break through its upper border, but it has failed to do so. Now the price is approaching the lower border at around $1,700.
The $1,700 level is the largest support at this stage. This is where the price came after the major market crash at the end of May. A few weeks later, it was from here that we saw a 44% rise in Ethereum.
Ethereum May Drop to $1,300 to $1,400
The team at Crypterium research went on to conclude that Ethereum is most likely headed to the $1,300 to $1,400 range if bears manage to break the crucial $1,700 support in the days to follow.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.