Ethereum has not even entered a solid bull market and is already facing significant pressure from large holders
Currently, Ethereum trades at around $1,870, nearing the 50-day Exponential Moving Average . This technical level could become a potential consolidation point for the second largest cryptocurrency by market cap. However, the descending trading volume implies decreasing interest among traders, potentially affecting Ethereum's price stability.
Such movements among whale investors could be attributed to a range of factors. Some whales might be taking profits following Ethereum's previous rallies, while others might be reallocating their assets in response to market trends. It is also possible that concerns about Ethereum's scalability and high transaction fees are causing some whales to reduce their holdings. is on the verge of receiving a major upgrade aiming to improve scalability, security and sustainability.
The diminished holdings of Ethereum by whales might seem concerning for some investors, as it can indicate a loss of confidence or signal a market downturn.
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