Could Ethereum’s recent price decrease indicate the beginning of a fresh rally?

  • A surge in big Ethereum holders has been observed recently.
  • The bullish momentum of ETH seems to be fading due to a drop in price.

Ethereum [ETH] has been edging towards a bearish trend lately, presenting an opportunity for significant investors to enter the market.

Recent data suggests that whales have been accumulating more Ethereum as the price dips, signaling confidence in the cryptocurrency’s potential.

Whale activity with Ethereum

Recent analysis by AMBCrypto reveals an uptick in the number of major Ethereum holders starting around the end of last month. Wallets holding over 10,000 ETH began to increase around May 19th.

During this period, there were around 952 such wallets while Ethereum was trading at approximately $3,074.

The number of wallets holding over 10,000 ETH has grown from about 952 to nearly 980 currently.

Despite Ethereum’s price climbing to around $3,700, these whale addresses continue to accumulate more tokens.

Ethereum addresses with over 10k

Source: Glassnode

Further examination by AMBCrypto of the mega whale chart in the last 30 days shows a significant shift in trend: towards accumulation.

This suggests increased buying activity among major wallets, signaling positive market sentiment.

These addresses are evidently optimistic about an impending price surge.

Inflow and outflow dynamics of Ethereum

Data on Ethereum’s Netflow by CryptoQuant reveals a consistent trend of negative flows in recent weeks. Outflows have consistently exceeded inflows in the current month.

Ethereum exchange netflowEthereum exchange netflow

Source: CryptoQuant

Analysis shows that more ETH has left exchanges than entered them since the start of June.

The outflow volume exceeds inflow by over $354 million during this period, with only around $226 million coming in.

This combined with increased accumulation by major wallets indicates a positive outlook for ETH despite recent price fluctuations.

Tracking Ethereum’s price movement

Analysis of Ethereum’s daily performance by AMBCrypto shows the cryptocurrency trading in the $3,600 range over the past few days.

At present, it hovers around $3,670, showing a slight decline of about 0.8%. Although there was a small gain in the previous trading session, the recent dip has negated it.

Ethereum price trendEthereum price trend

Source: TradingView

Speculating on ETH’s market cap in BTC terms

Ethereum’s Relative Strength Index (RSI) indicates a value above 52 currently. However, the downward trajectory of the RSI implies a possible dip below the neutral line with further price declines.

While the current trend leans towards bullish, there are signs of weakening sentiment.

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