Large ETH Addresses Have Redistributed 880,000 ETH This Month

The largest altcoin by market cap, Ethereum (ETH), has seen flat price movement over the last 24 hours, according to the crypto CoinMarketCap. At press time, the price of ETH is slightly up by 0.02% over the last 24 hours. Nevertheless, the altcoin leader’s price is still down 1.41% over the last 7 days. As a result, ETH is currently changing hands at $1,194.49.

ETH has strengthened against the market leader, Bitcoin (BTC), by 0.28% over the last 24 hours as well. One ETH is worth around 0.07206 BTC at press time.

The Twitter user, Ali (@ali_charts), shared a chart from the blockchain analysis firm Santiment today, which shows how ETH addresses with large holdings have been offloading and redistributing their ETH this month.

According to the tweet, ETH whales holding between 10,000 and 100,000 ETH have “sold or redistributed around 880,000 ETH since December 2022.”

Daily chart for ETH/USDT (Source: CoinMarketCap)

ETH’s price is trading near the support level at $1,180.91 at press time. Bulls have, however, stepped in to resurrect the altcoin’s price and defend the support level.

The daily RSI indicator suggests that the level will hold given its positive gradient. However, this can only be confirmed if the daily RSI line crosses above the daily RSI SMA line in the course of the next 48 hours.

Should the support level break, ETH’s price is at risk of dropping to the next nearest support level at $1,160.06. If the bullish thesis is confirmed, ETH will make a move towards $1,201.76, and then $1,225.21, before making a move towards $1,277.34.

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