The world’s largest cryptocurrency Ethereum has come under strong selling pressure with ETH price facing strong rejection at $1,750 levels. ETH is trading 1.73% down at a price of $1,560 and a market cap of $187 billion.
Ethereum whales have continued to show major strength despite the strong selling pressure. The 10 largest whale addresses have accumulated a staggering 40 million ETH recently.
The wealthiest Ethereum addresses, both on and off exchanges, continue to accumulate more wealth while Ethereum’s market value remains slightly above $1,570. At present, approximately 8.51% of all Ethereum ($ETH) is held on exchange platforms, while the top 10 non-exchange addresses collectively possess an impressive 39.22 million $ETH.
However, amid the current selling pressure, Ethereum has been losing ground to Bitcoin. The percentage of total market capitalization held by Ether in the $1 trillion crypto market decreased from approximately 18.4% at the beginning of the year to 17.8%.
On the other hand, On Monday, the Ethereum Foundation converted approximately $2.7 million worth of Ether into the stablecoin USDC through a sale. This has further induced some selling pressure on the world’s second-largest crypto. Crypto analyst Ali Martinez noted that there could be a major sell-off below the $1,530 level.
As of press time, the ETH price is trading just above the crucial support level of $1,550. However, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators have both crossed below their respective mean levels of 50 and 0. This indicates a notable increase in bearish momentum.