Sunday, June 4, 2023

Ethereum Price Analysis 26/05: ETH Whale Holdings Increase as Accumulation Continues


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  • Whale wallets holding over 0.1% of ETH supply increased to 30.07 million.
  • Ethereum whales are accumulating more ETH.
  • Ethereum price analysis shows a bullish market sentiment.

Recent data indicates a noticeable surge in Ethereum whales as their holdings have soared to 30.07 million $ETH, showcasing a substantial increase from the earlier figure of 26.56 million $ETH recorded in early 2023. These significant increments in the Ethereum holdings of addresses possessing over 0.1% of the total supply point towards a prevailing trend of accumulation.

Ethereum Whales, Source: IntoTheBlock
Ethereum Whales, Source: IntoTheBlock

This surge in Ethereum whales signals a potential rise in the concentration of wealth within the Ethereum ecosystem, which may impact market dynamics and influence the overall sentiment within the ETH community.

Ethereum Price/Technical Analysis

The latest Ethereum price analysis shows a bullish market sentiment, with the price of ETH hovering above $1,800 at press time. ETH is trading on an uptrend pattern and has seen a gain of over 1% since yesterday’s close as it is exchanging hands at $1,814.

ETH/USD Daily Chart, Source: CoinMarket Cap
ETH/USD Daily Chart, Source: CoinMarket Cap

The immediate resistance level lies at $1,817, which if broken could target a rally up to the $1,900 psychological level. However, if the bullish trend persists, the price of ETH is likely to reach $2,000 in the coming weeks. Furthermore, with the recent surge in whale holdings and accumulation, Ethereum may be set to continue its upward trajectory.

The support level of ETH/USD is seen at $1,782, which if broken could take the price of ETH to a low of $1,700. Therefore, traders should be aware of these levels and keep an eye out for any possible breakouts. The $1,700 level has been a key support level for over the past month and if breached could lead to a price correction.

The market capitalization of ETH stands at $218 billion, displaying an increase of 1.51% since yesterday. Ethereum’s market dominance has also seen a slight increase, currently standing at 19.6%. However, the trading volume has seen a drop today, currently at $5.44 billion having lost 21.49% since yesterday’s close.

Technical indicators for ETH/USD on the daily chart continue to remain in the bullish territory, with the MACD and RSI both showing a positive divergence from their respective midlines. The MACD line has crossed above the signal line indicating a bullish crossover, while the RSI is sloping upwards with a value of 46.23 showing that ETH is still in the neutral region and may see a further rise in price if the current trend continues.

ETH/USD 1-Day Chart, Source: TradingView
ETH/USD 1-Day Chart, Source: TradingView

Overall, Ethereum’s market sentiment remains positive with bullish momentum currently forming on the daily chart. The increase in whale holdings could be indicative of a larger accumulation phase, which if true could lead to an even stronger upward surge for ETH/USD in the near future

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions

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