Ethereum's (ETH) Price Continues to Fall

Data from blockchain analytics firm Santiment showed that Ethereum (ETH) sharks and whales (people holding between 100 and 1 million ETH) have abandoned the altcoin over the past 5 weeks.

These Ethereum holders have dropped around 3.3 million ETH in the last 5 weeks, which equates to around $4.2 billion at the altcoin's current price. These key stakeholders have also been the main driving force behind Ethereum's recent price movement, which has been bumpy compared to the price of Bitcoin (BTC). Ethereum Address Wallet Accumulation (Source: Santiment) As can be seen from the chart above, the last 13 weeks have seen a change in investors' accumulation behavior, with ETH whales and sharks kicking off the period by accumulating 2.2 million ETH in the first 8 weeks. This resulted in a 43.3% increase in the ETH/BTC ratio. Then, these stakeholders abandoned ETH over the following 5 weeks, reducing the ETH/BTC ratio by 12.7%. The change in investor behavior over the last few weeks showed that the price of ETH has fallen by 2.37% in the last 7 days and 0.84% in the last day. Currently, the price of ETH is at $1,284.72. ETH's price is attempting to challenge the 9 Exponential Moving Average (EMA) line on today's candle. There is still some bearish pressure on the altcoin as the 9 EMA line is positioned below the 20 EMA line, Also, both of these lines are negatively sloped - suggesting that ETH price could fall further. Source: Coin Edition Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account! The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided on a personalized basis, taking into account the risk and return preferences of individuals. The content, comments and recommendations contained herein, which are in no way directive in nature, are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations.