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The world’s largest cryptocurrency Ethereum has come under strong selling pressure with ETH price facing strong rejection at $1,750 levels. At press time, ETH is trading 1.73% down at a price of $1,560 and a market cap of $187 billion.
Ethereum Whales Show Strength
As per the on-chain data, Ethereum whales have continued to show major strength despite the strong selling pressure. The 10 largest whale addresses have accumulated a staggering 40 million ETH recently.
On-chain data provider Santiment reported that the wealthiest Ethereum addresses, both on and off exchanges, continue to accumulate more wealth while Ethereum’s market value remains slightly above $1,570. At present, approximately 8.51% of all Ethereum ($ETH) is held on exchange platforms, while the top 10 non-exchange addresses collectively possess an impressive 39.22 million $ETH.
However, amid the current selling pressure, Ethereum has been losing ground to Bitcoin. The percentage of total market capitalization held by Ether in the $1 trillion crypto market decreased from approximately 18.4% at the beginning of the year to 17.8%. While the ETH market continues to drop further, the BTC market share has soared past 50%.
On the other hand, On Monday, the Ethereum Foundation converted approximately $2.7 million worth of Ether into the stablecoin USDC through a sale. This has further induced some selling pressure on the world’s second-largest crypto. Crypto analyst Ali Martinez noted that there could be a major sell-off below $1,530 levels.
#Ethereum is hovering above a critical demand zone. Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for $ETH. pic.twitter.com/5qLuXTXOtr
— Ali (@ali_charts) October 10, 2023
Ethereum (ETH) Price Analysis
As of press time, the ETH price is trading just above the crucial support level of $1,550. However, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators have both crossed below their respective mean levels of 50 and 0. This indicates a notable increase in bearish momentum.
Looking ahead, investors should anticipate the Ethereum price to potentially retest the next support level at $1,309.
Regardless of the bearish signs, if external factors like news or macro events produce a strong bullish spike, it could shift the winds quickly. In such a case, if the Ethereum price flips the $1,727 hurdle into a support floor, it will invalidate the bearish outlook. This move could further propel ETH to retest the $2,030 hurdle.
The past week served as a crucial gauge for Ethereum investors as the United States saw the introduction of six futures-based ETFs. However, these new ETFs managed to gather only slightly below $10 million in their initial week, indicating a lukewarm response from investors.
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