Key Points
- The number of Ethereum addresses holding over 10,000 ETH has seen a significant decrease.
- Ethereum’s price struggles to reclaim the $3,000 mark, leading to concerns among investors.
The struggle to reclaim the $3,000 price level for Ethereum (ETH) continues.
Despite numerous attempts to rally, ETH’s price consistently falls short, causing growing anxieties among investors and market participants.
Ethereum Whales Reduce Holdings
Recent analysis of Ethereum addresses holding 10,000 or more ETH on Glassnode reveals a significant decrease over the past few weeks.
This decline suggests a potential shift in market sentiment among large holders.
Throughout 2024, the number of large ETH addresses has noticeably decreased, with a particularly sharp drop in recent months.
At the start of 2024, there were around 1,020 addresses holding 10,000 or more ETH.
However, this figure has steadily decreased, falling below 960 by August 2024, a level unseen since 2017.
This ongoing decrease in the number of large ETH addresses could be seen as a bearish signal.
When whales begin to offload significant portions of their holdings, it can reflect a lack of confidence in Ethereum’s short to medium-term price prospects.
This trend could suggest that these large holders are either taking profits, reallocating their portfolios to other assets, or bracing for a potential further market decline.
Potential Impact on the Market
As these large holders continue to sell off their ETH, the market may face increased selling pressure.
Without enough demand from new buyers to absorb this increased supply, Ethereum’s price could be further pushed down.
On the other hand, if the trend in large addresses begins to stabilize or even reverse, it could signal a renewed accumulation phase among large holders.
This reversal might indicate that these entities believe Ethereum’s price has reached a level where it represents good value, leading to increased buying activity.
In the last trading session, Ethereum experienced a slight gain, with an almost 1% increase.
This increase brought the price to approximately $2,637. As of this writing, ETH continues to trade with an over 1% increase, maintaining its level at around $2,637.
Throughout 2024, Ethereum’s price has seen significant fluctuations.
The year began with a strong upward movement, peaking around March.
However, since that peak, its price has gradually declined over the subsequent months.
This downward trend has persisted into August 2024, mirroring the decrease in the number of large ETH addresses.
