Address drains from whales burden the ETH course - can the situation improve soon?

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Von: Krypto News Österreich

address drains from Walen have contributed significantly to the latest declining course of the cryptocurrency ether (ETH). A current warning of Glassnode shows that the number of addresses with 100 or more ETH has dropped to the lowest level in eight years. This suggests that large Wallet owners have been deducted and possibly sold. In addition, addresses with at least 1,000 ETH and addresses with more than 10,000 ETH also contributed to increasing sales pressure.

Interestingly, private buyers with smaller accounts who hold at least 0.01 ETH increased their credit in the same period in which whales sold. This indicates that the price development of ETH has been significantly influenced by the actions of great wallet owners in the past few weeks.

A precise analysis of the offer distribution shows that addresses with more than 10 million ETH have increased in the course of the month. This category also controls the second largest proportion of the offer in circulation. However, it is unclear whether these addresses are private addresses or stock market addresses.

Despite the declining price development, investor confidence remains positive, as the constant increase in the weighted mood shows. The MVRV rate of the ETH has also risen and reached its highest level so far. This information correlates with the current price campaign of the ETH.

Although the declining course of the ETH has slowed itself down in the last three days, the dynamics at the time of printing were not yet strong enough for a significant relaxation. The ETH transaction price was $ 1,894 at the time of going to press. However, there are signs of possible recovery in the middle of the RSI (relative strength index), and the MFI (Money Flow Index) has indicated a certain accumulation. It remains to be seen how the course of the ETH will develop in the near future.

sources:
- Glassnode
- Santiment
- Tradingview