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The price of Ethereum (ETH), the second largest cryptocurrency and also the largest altcoin, has been hovering around $1,850 for the past few weeks. It seems that ETH has been following the price trajectory of Bitcoin (BTC) to a large extent since the beginning of the year.
Top Whale Wallet Addresses Persistently Accumulating ETH
Chain data provided by Santiment shows that top whale-level wallet addresses continue to accumulate ETH persistently. According to the data, Ethereum has seen a significant increase in accumulation by the top 10 wallet addresses, which currently hold a larger portion of the total coin supply.
During this period, the amount of ETH held by the top 10 wallet addresses increased from 11.2% to 34.6%. According to the figures compiled by Santiment, the added 27.86 million ETH to the wallet addresses corresponds to approximately $51.6 billion.
No Catalyst to Boost Ethereum’s Price
As mentioned, Ethereum’s price has largely followed the price movement of BTC since the beginning of the year. ETH has been moving without a significant catalyst that could further increase its price since the Merge event in September 2022.
Looking at the daily timeframe price chart of ETH between July 14 and August 8, a descending triangle formation stands out. This formation is characterized by a series of lower peak points and relatively stable lower levels, indicating negative investor sentiment in the market. Although a close below the horizontal line of the triangle and below the $1,823 level could suggest the continuation of the downtrend, the price is currently moving above this level, indicating a positive trend.
In a potential bearish scenario, the first significant psychological support level for ETH is seen around $1,800. In addition, the 200-day Simple Moving Average (SMA) at $1,788 could act as additional support before reaching the potential target level of $1,700 indicated by the formation.
