New reports show that a trending AI coin is attracting interest from this group of investors as they face Ethereum (ETH)-laden whale sales.
Number of Ethereum whales hits 10-month low
Recent data has revealed a significant setback for Ethereum as whale wallets shrink. Blockchain analytics firm Glassnode reported that the number of whales holding 1,000 or more ETH has dropped to a 10-month low.
The data shows that only 6,268 wallets currently hold 1,000 or more ETH. This figure is very close to the 6,270 level in FTX bankruptcy in November 2022. The decline in whale numbers indicates that major investors are losing confidence in Ethereum’s short-term potential.
📉 #Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 10-month low of 6,268
Previous 10-month low of 6,270 was observed on 02 November 2022
View metric:https://t.co/iDNXAbcjH1 pic.twitter.com/SNVGSIJR0j
— glassnode alerts (@glassnodealerts) May 31, 2023
What does technical analysis say about the ETH price outlook?
Currently trading in the $1,860 region, ETH is approaching the 50-day EMA line. This technical level has the potential to act as a consolidation point. However, the declining trading volume indicates that interest among investors has waned. The recent abstention among whales, on the other hand, was linked to several factors.
One of them is that whales channel their profits from the last ETH rise to new allocations. Others may have switched to different networks due to concerns about Ethereum’s scalability and high transaction fees. cryptocoin.comAs you follow, Ethereum developers plan to address these issues with the next big upgrade, Cancun.
Updates from yesterday's Eth dev call:
– based on @dedaub's impact analysis on self destruct opcode removal, devs affirmed inclusion of EIP 6780 in Cancun
– based on decisions from ACDE #161, @TimBeiko said he would remove SSZ-related EIPs from Cancunhttps://t.co/UrvCD5HZQ8.— Christine Kim (@christine_dkim) May 26, 2023
This altcoin is in the limelight as whales sell Ethereum
GRT, one of a handful of coins that has been on the rise in recent days, has started to attract the attention of whales. Graph (GRT) price is currently trading 18% higher from the May 11 low of $0.11. On-chain data reveals that bullish activity among whales is crucial in the ongoing GRT rally.
After weeks of selling, crypto whales are starting to take long positions on GRT again. Santiment’s chart below shows that crypto whales holding 10 million to 1 billion GRT have increased their holdings significantly. Between May 23 and May 31, the whales added 70 million GRT.
Also, bull investors are starting to pile on demand for GRT. The Exchange on-chain Market depth chart shows a sum of total buy/sell orders placed by GRT traders on various crypto exchanges.
Currently, GRT investors have placed an order to purchase 29.3 million GRT. Meanwhile, sellers put just 22.9 million on sale.
cryptocoin.comAs we reported, the last GRT rally was linked to the Nvidia news.
GRT price prediction: Target at $0.18
According to technical analysis, the GRT price could rise as high as $0.18, accompanied by increased whale interest. However, IntoTheBlock’s GIOM data shows that GRT will face its first major resistance around $0.15.
As highlighted below, 13,220 investors who bought 638 million GRT at an average price of $0.15 could create a sell wall. However, if the bullish momentum continues as expected, the price is likely to head towards $0.18.
On the other hand, an unexpected dip to $0.10 will completely disable the bears’ bullish forecast. However, 9,740 investors who bought 1.52 billion GRT at an average price of $0.10 will likely prevent the decline. Although unlikely, GRT could bounce back towards $0.08 if this support level is breached.
