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Ethereum has been one of the most consistent gainers for over 10 days now, surging more than 25%. With the bullish momentum weakening, how can ETH price action pan out?
ETH price was subject to Ethereum bulls, who did a pretty good job at bringing prices from the $1,300 level to $1,585. Even though Ethereum price charted quite a run, the $1,600 resistance halted the upward trajectory.
Firstly, the active Ethereum addresses have seen a continued decline, making lower lows on a daily chart after spiking on Oct. 10.
Declining active addresses present waning market confidence from participants. That said, another worrying trend is that the number of Ethereum addresses holding 10,000+ ETH just reached a 7-month low of 1,158 addresses.
This could mean that whale entities have been taking profits during the recent pump and reduced their holding as Ethereum price action weakened.