Recent data suggests that whales might be holding back ETH bulls. Addresses holding over 1,000 ETH have been reportedly been disinterested in re-accumulating ETH at its current level.
ETH’s supply distribution metric confirmed that most of the whale categories holding at least 1,000 ETH have been contributing to sell pressure. Despite this observation, addresses holding over 10 million coins have been accumulating during the last four weeks. This category of addresses controlled 17.75% of all ETH in circulation at press time.These addresses holding over 10 million ETH have not influenced the market because the number of addresses might be very few.
This was likely due to short selling. However, it has conveniently pulled back in the last five days which was around the same time that the bears ran out of momentum. This indicated that short sellers were pulling back.ETH’s price action reflected the current stalemate in the market. It traded at 1,825 at press time and has been trading in a sideways pattern for the last five days.
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