{"id":386709,"date":"2021-12-28T14:32:23","date_gmt":"2021-12-28T11:32:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-whales-dumping-eth-as-price-slides-below-4k-data-shows\/"},"modified":"2021-12-28T14:32:23","modified_gmt":"2021-12-28T11:32:23","slug":"ethereum-whales-dumping-eth-as-price-slides-below-4k-data-shows","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-whales-dumping-eth-as-price-slides-below-4k-data-shows\/","title":{"rendered":"# Ethereum whales dumping ETH as price slides below $4K, data shows"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a32b93f33c76\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a32b93f33c76\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-whales-dumping-eth-as-price-slides-below-4k-data-shows\/#Small_investors_are_accumulating\" >Small investors are accumulating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-whales-dumping-eth-as-price-slides-below-4k-data-shows\/#ETH_eyes_bullish_reversal\" >ETH eyes bullish reversal<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Ethereum whales dumping ETH as price slides below $4K, data shows <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Ethereum is having difficulty keeping its richest investors in line as its native token, Ether (ETH), hints at logging more losses in the near term.<\/p>\n<p>Blockchain data analytics service Glassnode <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;category=Distribution&amp;m=addresses.MinPoint1Count&amp;s=1608769252&amp;u=1640563200&amp;zoom=\">revealed<\/a> that the number of Ethereum addresses holding at least 1,000 ETH dropped to 6,292 this Monday, the lowest reading since April 2017. At its year-to-date peak, the numbers were 7,239 in January.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/947963fa-901c-4820-984f-f91315a81e3d.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Number of Ethereum addresses with balance of at least 1,000 ETH. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>On-chain analysts typically observe ETH distributions among addresses to realize retail and institutional sentiments. They consider wallets that hold above 1,000 ETH (around $3.92 million at currency exchange rates) as \u201cwhales,\u201d primarily for their ability to influence interim market trends via large sell and\/or buy orders.<\/p>\n<p>But as the numbers of these so-called whales drop, it reflects an ongoing selling trend among the richest Ethereum wallet owners. For instance, the number of Ethereum addresses that hold at least 10,000 ETH (or around $39.20 million) has also plunged, from 1,208 in June to 1,156 at the time of this writing, marking an almost 4.5% decline.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/7f3c8ea9-90e6-43c6-b539-55201af327a7.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Number of Ethereum addresses with a balance of at least 10,000 ETH. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>But, on a year-to-date timeframe, the numbers have gone up from 1,065 to 1,156, just as the cost to purchase 1 ETH, in the same period, has jumped nearly 450%.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Small_investors_are_accumulating\"><\/span>Small investors are accumulating<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Unlike whales, wallets that hold ETH in small quantities have been at the forefront of Ether\u2019s 2021 price rally.<\/p>\n<p>For example, Glassnode\u2019s data shows that the number of Ethereum addresses with a non-zero ETH balance reached an all-time high of over 71.23 million on Monday. That included wallets with at least 0.01 ETH (~$40), whose numbers shot up to 20.31 million versus 10.66 million at the beginning of this year.<\/p>\n<p>Meanwhile, addresses that hold at least 0.1 ETH (~$400) jumped to 6.44 million this Monday compared to 3.62 million on Jan. 1, 2021. That is almost a twofold rise, signaling a higher retail interest in the world\u2019s second-largest cryptocurrency.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/6cfc7733-e890-4ecb-936f-963d78b88778.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Number of Ethereum addresses with a balance of at least 0.1 ETH. Source: Glassnode<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"ETH_eyes_bullish_reversal\"><\/span>ETH eyes bullish reversal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest decline in Ether whales <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared as Ether struggled to close decisively above $4,000, its psychological resistance level.\u00a0<\/p>\n<p>On Tuesday, ETH\/USD dropped by over 3.27% to an intraday low of $3,880. Its drop came as a part of a wider correction that started after Ether tested a downward sloping trendline as resistance on Dec. 23. <\/p>\n<p>The chart below shows that the trendline is a part of a descending channel that appears like a \u201cfalling wedge.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/b07ea2c3-4c55-44b2-8ba3-337d3217eb00.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>ETH\/USD daily price chart featuring falling wedge. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In detail, falling wedges are technically bullish reversal patterns that appear after the price trends lower inside a trading range featuring two converging trendlines. The instrument eventually breaks above the structure\u2019s upper trendline ahead or after reaching the apex (where two trendlines converge).<\/p>\n<p>The profit target in a rising wedge scenario is <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly obtained after adding the maximum distance between the structure\u2019s upper and lower trendline to the breakout point. That puts ETH\u2019s price en route to the $4,200\u20135,000 range, depending on its breakout level.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/946aa949-d345-4279-bd04-e09a21fff718.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>ETH\/USD daily price chart featuring falling wedge targets. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Nevertheless, Ether\u2019s price still has enough room to decline, toward $3,200 in the worst-case scenario. The level is where wedge\u2019s trendlines converge.<\/p>\n<p><strong><em>Related:\u00a03 reasons why Ethereum price can drop below $3K by the end of 2021<\/em><\/strong><\/p>\n<p>Meanwhile, independent market analyst\u00a0Pentoshi\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1475678398995480578?s=20\">said<\/a>\u00a0that nothing concrete can be predicted for Ether now as it remains stuck between a \u201cbear contested\u201d and a \u201cbull contested\u201d area, as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/3a39bab0-4ecd-476c-8e4e-1171d95346c6.jpeg\"><figcaption style=\"text-align: center;\"><em>ETH\/USD three-day price chart. Source: TradingView, Pentoshi<\/em><\/figcaption><\/figure>\n<p>\u201cMaybe it\u2019s the bottom. Don\u2019t care,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1475678398995480578\">tweeted<\/a> Pentoshi on Tuesday. <\/p>\n<blockquote><p>\u201cI don\u2019t like when them market gives this many times to buy an area with important historical context like this Would rather pay for confirmation.\u201d<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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Blockchain data analytics service Glassnode revealed that the number of Ethereum addresses holding at least 1,000 ETH&#8230;<\/p>\n","protected":false},"author":1,"featured_media":386710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvODJkZjc5MzQtZTljNS00YjMwLWE4ZTMtMGEwOTEwOWUxMWU3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[82402,74891,74938,74939,75679,75150,78261,73785],"class_list":["post-386709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ether-price","tag-ethereum","tag-ethereum-price","tag-market-analysis","tag-market-capitalization","tag-market-update","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/386709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=386709"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/386709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/386710"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=386709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=386709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=386709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}