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Takeover of the Ethereum bulls as an ETH offering in the event of stock market slumps

  • The top 10 unlisted Ethereum whales hold six times more ETH tokens than large wallet investors, fueling a bullish narrative.
  • Analysts have determined that Ethereum price is near critical support and could start a new rally if it breaks the resistance zone.
  • The Ethereum reserves of the top whale addresses on the exchanges have dropped to 3.82 million tokens.

The top 10 unlisted Ethereum whales have over 24 million ETH tokens, which they are effectively withdrawing from circulation and reducing supply. The level dwarfs the amount held by barter whales. Proponents consider this to be a “takeover” by Ethereum bulls predicting a price rally for the altcoin.

The Ethereum supply on the exchanges continues to decline

Based on data from the crypto intelligence company Santiment, the ten largest Ethereum addresses hold 3.82 million tokens across exchanges. This is the lowest level that major investors have held since the Ethereum price rally began.

Interestingly, the top 10 non-exchange whale addresses held more than six times the Ethereum tokens that exchange-based investors held. Minke whales, non-barter whales, held the majority of Ethereum tokens.

Although the stocks of non-traded whales are relatively high, they have declined. At the same time, the Ethereum balance has remained relatively low across the exchanges. This implies a decrease in selling pressure and the possibility of a bull takeover.

Ethereum Unlisted vs. Listed Whale Stocks

Analysts have assessed the price trend of Ethereum and forecast that the price of the altcoin could start a new rally if it stays above the critical support. @Koolaid_crypto, a cryptocurrency analyst on Twitter, views $ 3,710 as a critical level of support for Ethereum.

If Ethereum price stays above $ 3,710, the bulls could take power and start a new rally to an all-time high.

The crypto market’s fear and greed index is a useful contrary indicator to help determine sentiment among traders. The last time this indicator showed a fearful market (September 2021), it was followed by a 60% increase in the price of Ethereum.

The market is fearful again and proponents expect the altcoin to begin its rise.

Crypto Fear and Greed Index over time

Crypto Fear and Greed Index over time

FXStreet analysts have predicted that Ethereum price will climb to $ 3,800 as support wears off.

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