Thursday 10 August 2023


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According to data provided by Santiment, Ethereum has seen a significant increase in accumulation by the top 10 whale wallet addresses, which contemporarily hold a larger portion of the total coin supply.
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.
In a potential bearish scenario, the first significant psychological support level for ETH is seen around $1,800. 

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