After the price of Ethereum dropped from $3900 to around $3400 on September 7, the cryptocurrency began trading in a narrow range. After the price decline, Ethereum entered a trading range, limiting the price movement to 3550 at the top and 3370 at the bottom.
At the time of publication, the ETH/USD pair is trading around $3370, showing a decline. If the ETH/USD pair continues to decline, it will be supported by the support level around $3260. The next support level is expected for the ETH/USD pair in the area of $3160.
To continue the growth, it is necessary to rise above the upper border of the range. Overcoming the level of 3550 will bring the ETH/USD pair back around $3900.
However, if we look at the latest data from Santiment, we can conclude that whales have a significant impact on the price of Ethereum. In 15 weeks, the 10 wallets with the highest Ethereum balance accumulated a total of 21.4% of all Ethereum. Thus, this is the highest figure since May 2017. A fifth of the entire cryptocurrency is a serious indicator that affects its further course. As the chart shows, whales accumulate cryptocurrencies during a price correction.
While most wallets hold between 0,01 and 0,1 ETH. More than 6,2 million unique wallets have registered on the Ethereum network since January 2021, according to CoinMetrics. New addresses own from 0,01 to 0,1 ETH.
According to Glassnode, nearly 5,7 million registered until 2021 control at least 0,1 Ethereum.