On Tuesday, June 22, the world’s second-largest cryptocurrency registered over a 10% price dip going all the way close to $1700 levels and falling below crucial support levels. Although the overall crypto market has recovered from the lows, ETH still continues to trade under $2000 levels which have now become its next resistance.
The Ethereum (ETH) price is now 60% from its all-time high of $4400 in the last month of May 2021. However, it is interesting to the ETH whale behavior at this stage. As per the data by on-chain provider Santiment, the ETH exchange whales are at a war with the non-exchange whales.
The ETH holdings in the exchange wallets have been shrinking fast. On the other hand, the ETH holdings in the non-exchange wallets are at record high levels as of now. It’s a classic battle that’s brewing up between the exchange and the non-exchange whales as of now.
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Moreover, another interesting data point shows that Tuesday’s solid price correction comes as the ETH whale behavior has been offsetting its price behavior over the last month. As per on-chain data, ETH whale wallets holding anywhere between 10K-100K coins have been tracking the ETH price for the last three months until last month’s offset.
Fun fact: ETH held by 10K – 100K wallets tracks the price most of the time for the last three years.
Last month the price underperforms it, though. pic.twitter.com/eBrRKFvf8m
— Lex Moskovski (@mskvsk) June 20, 2021
Ethereum’s Analysts Bullish on ETH Chart Patterns
Although Ethereum has been trading sideways for a while now, some chart indicators show that Ethereum is having a strong support formation. Speaking to CNBC, Blue Line Capital founder and President Bill Baruch said that Ethereum’s technical charts show a spinning top-pattern formation. This pattern usually occurs after a major downtrend and signals bullish moves coming ahead. Baruch said:
“Today, I bought ethereum. Ethereum is testing into a big level of support. What you’re seeing is a spinning-top bottom that’s created right now … which could lead to a bullish turnaround.”
![](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2021/06/eth-struggles-under-2000-as-ethereum-whales-at-war-among-themselves-1.jpg)
Yesterday’s ETH price correction comes amid a massive drop in on-chain activity. The ETH address activity has dropped 30% over the last month and the ETH network USD settlement has tanked by 68%.
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Source: https://coingape.com/eth-struggles-2000-ethereum-whales-war-among/
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