Consequently,
the amount of ETH held by the top 10 wallet addresses snowballed from 11.2% to
34.6%.
According
Santiment, the added 27.86 million ETH to the wallet addresses matches
approximately $51.6 billion.
Ethereum’s
price been hovering around $1,850 for the past few weeks, suggesting that it has
been following the price trajectory of Bitcoin (BTC) to a large extent since
the beginning of the year.
It has
been moving without a significant catalyst that could further increase its
price since the Merge event in September 2022.
Looking at
the daily timeframe price chart of ETH between July 14 and August 8, a
descending triangle formation stands out.
Even
though a close below the horizontal line of the triangle and below the $1,823
level could suggest the continuation of the downtrend, the price is currently
moving above this level, indicating a positive trend.
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