• ETH is in a tug-of-war between buyers and sellers, with whales contributing to sell pressure.
• Glassnode’s data reveals that ETH has maintained healthy demand levels as indicated by a new ATH in number of addresses holding 0.01 ETH or more.
• The whale games have limited ETH’s potential upside as retail buyers provide liquidity for them.
Ethereum (ETH) Investor vs Whales: Who Will Win This Power Play?
Retail Demand for ETH
Glassnode’s recent on-chain data revealed that the number of addresses holding 0.01 ETH or more achieved a new all-time high (ATH) on 10 July. This indicates that there is still healthy demand for Ethereum and its network is growing in terms of address count.
Whale Games Limiting Potential Upside
However, the dynamics of address activity and demand may determine whether or not it is enough for a large move. Addresses holding at least 1,000 ETH have been trimming their balances which means that whales are contributing to sell pressure and limiting Ethereum’s potential upside.
Price Action Around Fibonacci Support Level
Ethereum recently retested an important Fibonacci support level at the 0.786 mark and has been hovering above this level for some time which may be due to accumulation within this zone. However, the continued sell pressure from whales could limit any impact from surging demand.
Price Attempting To Bounce Off 50% RSI Level
A closer examination of Ethereum’s price chart reveals that it has also been attempting to bounce off the 50% Relative Strength Index (RSI) level which suggests further downside if it fails to break out of this point again soon.
< h3 > Conclusion
It appears that Ethereum investors are currently in a power play where buyers must overcome selling pressure from whales if they want to see significant gains from their investments in the near future.
