Ethereum Price Near Monthly Lows Despite Investor Accumulation
Ethereum (ETH) is one of the top-performing cryptocurrencies in the market and is currently trading at $1,795. After experiencing a decline of more than 10% in the last few days, ETH is hovering around its monthly low. The decline had the potential to push the price down further to the critical support level of $1,700, but the optimism among investors has outweighed their fear, preventing a drastic drawdown.
Throughout May, investors have been accumulating Ethereum, with more than 600,000 ETH being accrued. This has helped to offset the price drop and prevent a further decline. However, whales seem to be reluctant to bear any losses and have shed more than $1.7 billion worth of ETH in the last 12 days.
The mixed behavior from different cohorts suggests that there is still some uncertainty regarding where the market could go. Ethereum price has been setting the path for most of the major and minor altcoins in the market, just as ETH investors are doing for it. However, investors are doing their best to prevent a downfall.
Most of the fear among investors was visible only in the large wallet holders, who seemed to have bolted at the first sign of a potential decline. The addresses holding between 100,000 to 1 million ETH shed their balance by almost 1 million ETH worth $1.7 billion since the beginning of May, bringing it to 20.6 million ETH. Similarly, the cohort with a balance of 1 million to 10 million ETH in their wallet sold off over 200 million ETH in the same duration. This selling began first after Ethereum price posted two back-to-back red candles towards the end of April, noting a 4% drop, which could’ve convinced these cohorts that a decline was on the way.
However, some others saw it as an opportunity to churn some gains and accumulated ETH before the market recovered. As per the total supply present on cryptocurrency exchanges, at the beginning of the month, exchange wallets held about 13 million ETH. However, at the time of writing, this supply came down to 12.4 million ETH, suggesting about 600,00 ETH worth $1.07 billion was picked up by investors. Interestingly, intentional or not, this accumulation ended up preventing a further decline in Ethereum price.
Although the second-generation cryptocurrency is slightly below the $1,800 mark, it is still holding its own and keeping above $1,700. As ETH price continues to hover around its monthly low, investors remain vigilant and cautious, watching closely for any changes in market sentiment and potential opportunities for growth.
Throughout May, investors have been accumulating Ethereum, with more than 600,000 ETH being accrued. This has helped to offset the price drop and prevent a further decline. However, whales seem to be reluctant to bear any losses and have shed more than $1.7 billion worth of ETH in the last 12 days.
The mixed behavior from different cohorts suggests that there is still some uncertainty regarding where the market could go. Ethereum price has been setting the path for most of the major and minor altcoins in the market, just as ETH investors are doing for it. However, investors are doing their best to prevent a downfall.
Most of the fear among investors was visible only in the large wallet holders, who seemed to have bolted at the first sign of a potential decline. The addresses holding between 100,000 to 1 million ETH shed their balance by almost 1 million ETH worth $1.7 billion since the beginning of May, bringing it to 20.6 million ETH. Similarly, the cohort with a balance of 1 million to 10 million ETH in their wallet sold off over 200 million ETH in the same duration. This selling began first after Ethereum price posted two back-to-back red candles towards the end of April, noting a 4% drop, which could’ve convinced these cohorts that a decline was on the way.
However, some others saw it as an opportunity to churn some gains and accumulated ETH before the market recovered. As per the total supply present on cryptocurrency exchanges, at the beginning of the month, exchange wallets held about 13 million ETH. However, at the time of writing, this supply came down to 12.4 million ETH, suggesting about 600,00 ETH worth $1.07 billion was picked up by investors. Interestingly, intentional or not, this accumulation ended up preventing a further decline in Ethereum price.
Although the second-generation cryptocurrency is slightly below the $1,800 mark, it is still holding its own and keeping above $1,700. As ETH price continues to hover around its monthly low, investors remain vigilant and cautious, watching closely for any changes in market sentiment and potential opportunities for growth.
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