Yesterday, Ethereum lost its crucial $2k support zone as Bitcoin battled to maintain a value above $30k. However, and according to an analysis shared by the team at Santiment, the top 10 non-exchange Ethereum whales
have continued to hold despite the bearish outlook of ETH moving forward.The team at Santiment shared their analysis of Ethereum through the following statement and accompanying chart.
Ethereum‘s top 10 non-exchange whales continue to hold record levels of ETH, and are even inching upward despite the dip below $1,900 Monday. Meanwhile, the top 10 exchange whale holdings keep declining, which implies less chance of further sell-offs.
The market weakness exhibited by Ethereum has led to the deposit of 282k ETH to crypto exchanges in the last seven days. This amount of Ethereum worth $500 million, has been highlighted in the following screenshot courtesy of Viewbase.com.
With respect to price, Ethereum is currently trading at $1,822 after a dip earlier today, to a local low of $1,700. Ethereum is consolidating at the 200-day moving average (green) as seen in the following daily ETH/USDT chart.
Also from the chart, it can be observed that the 200-day moving average is providing Ethereum with support at the $1,800 price zone. However, this area might not hold for long as Ethereum’s trade volume indicates selling pressure that can be confirmed with the red histograms of the MACD. The daily MFI and RSI are in oversold territory and could hint of a temporary relief rally for Ethereum as we head towards the month of July.
Next month provide an inflection point for Ethereum as the 50-day moving average (white) looks set to intersect the 200-day MA in a death cross event around the first two weeks of the month.
Therefore, caution is advised when longing Ethereum given the current market conditions that could be the beginning of a bear season for the entire crypto markets.
