Ethereum

<ul> 
 <li><strong>Ethereum (ETH) saw increased activity among major addresses during the drop below $1,650.</strong></li> 
 <li><strong>Four major whales have amassed 56,100 ETH equivalent to $94 million within the past 7 days.</strong></li> 
</ul> 
<p>In a show of resilience amidst a volatile market, Ethereum (ETH) has managed to shown slight recovery from its recent dip below the $1,603 mark. The cryptocurrency’s <a href="https://thenewscrypto.com/ethereum-eth-price-briefly-recovers-as-crypto-market-bounces-back/" target="_blank" rel="noopener noreferrer nofollow">price</a> now stands at $1656 with a 24 hours trading volume of $199 billion.</p> 
<p>Amidst Ethereum’s plunge below the $1,650 mark and the accompanying high volatility in its price, the network has experienced a notable uptick in activity among significant addresses. Impressively, the number of wallets holding between 10 and 10,000 ETH has rebounded to a substantial 355K paralleled by a surge in <a href="https://thenewscrypto.com/breaking-vitalik-buterin-transfer-1million-eth-to-coinbase/" target="_blank" rel="noopener noreferrer nofollow">transactions</a> surpassing $100K+.</p> 
<p>According to data from LookIntoChain, four prominent entities have collectively amassed a staggering 56,100 ETH, equating to a substantial $94 million, within the past week.</p> 
<h3 class="wp-block-heading" id="h-ethereum-eth-price-reaction">Ethereum (ETH) Price Reaction</h3> 
<p>Ethereum’s price demonstrated strength by establishing support above the range of $1,580 and $1,600. This foundation facilitated a recovery wave that enabled ETH to climb marginally above the $1,650 resistance barrier. A <a href="https://thenewscrypto.com/altcoins-news-multiple-ether-futures-etf-approvals-reportedly-expected-soon/" target="_blank" rel="noopener noreferrer nofollow">pivotal moment</a> in this upward trend was the breach of a significant bearish trend line, which had a resistance point close to $1,660, as observed on the hourly chart of ETH/USD.</p> 
<div class="wp-block-image"> 
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  <img decoding="async" width="602" height="323" src="https://thenewscrypto.com/wp-content/uploads/2023/08/E.png" alt="" class="wp-image-81237" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/E.png 602w, https://thenewscrypto.com/wp-content/uploads/2023/08/E-300x161.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/E-150x80.png 150w" sizes="(max-width: 602px) 100vw, 602px"> 
  <figcaption class="wp-element-caption">
    Ethereum (ETH) Price Chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>) 
  </figcaption> 
 </figure> 
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<p>Further, Ethereum’s price successfully recovered above the $1,650 resistance level against the US Dollar and nearing the critical $1,700 resistance point, which could propel ETH’s price even higher.</p> 
<p>Although Ethereum achieved a recent spike to $1,695, the cryptocurrency is currently consolidating its gains. At the time of writing, the price of ETH stands at $1656, which decreased 0.89% in the last 24 hours.</p>

Can ETH Surprise with Bullish Sentiments Amidst Market Downturn?

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