CandleFocus Ethereum (ETH) Whales Quiet Since July: September Comeback in Focus
2024-09-09
Author: Content Editor
Ethereum (ETH) whales, who have historically influenced the altcoin's price, have not been accumulating ETH since July, leading to its sluggish price performance. Data shows that these large holders have either been selling or redistributing their holdings, which may have played a role in the price decline. September is known for its volatility, so there is a chance that whales may resume buying towards the end of the month, potentially impacting Ethereum's price. On the retail side, there has been a spike in new Ethereum wallets created, indicating increased demand for ETH. However, this surge may be short-lived, and the price boost may not sustain. Ethereum currently faces potential resistance at various Fibonacci retracement levels, and the balance of power indicator suggests a possible reversal from the current uptrend. If sellers continue to dominate, Ethereum's price could fall, but if whales unexpectedly start buying, ETH could rally.
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