Ethereum price at risk of decline as a network activity and whale holdings decline


  • Ethereum network’s active addresses in the past 24 hours declined, as sellers extended their dominance in ETH. 
  • Ethereum whales holding between 10,000 and 1,000,000 Ether tokens have shed their holdings of the altcoin over the past two days. 
  • ETH supply on exchanges climbed as price risks decline below the $1,800 level.

Ethereum network activity has declined after weeks of high activity from addresses, as seen on crypto intelligence tracker Santiment. The reduction in active addresses in the ETH network, and decline in holdings by large wallet investors are two factors that are likely to negatively influence Ethereum price.

Also read: Ethereum price likely to reach $2,000, according to these bullish on-chain metrics

Ethereum on-chain metrics turn bearish

Ethereum’s on-chain metrics like daily address activity, whale holdings and supply on exchanges have turned bearish over the past 48 hours. Based on data from crypto intelligence tracker Santiment, there is a decline in daily active addresses over the past two days. ETH price declined from $2,011 on July 13 to $1,887 at the time of writing

Active addresses vs ETH price

Active addresses (24 hour) vs ETH price

As seen in the chart below, ETH supply on exchanges has increased between July 16 and the time of writing, after consistent decline over a multi-month period. Whale activity, represented by yellow and blue bars, has declined since its peak in mid-July. Bearish on-chain metrics have likely fueled the spike in selling pressure on Ethereum.

Supply held on exchanges, whale transaction count, ETH price

Supply held on exchanges, whale transaction count, ETH price

Whales in two segments, holding between 10,000 and 100,000 ETH tokens and 100,000 and 1,000,000 Ether have shed their holdings over the past two days. This is another bearish on-chain metric that points towards a decline in ETH price in the short term.

At the time of writing, Ethereum price is $1,888.30 and the altcoin has sustained above the key psychological level of $1,800.


Like this article? Help us with some feedback by answering this survey:



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP