Ethereum

Bitcoin

<ul>
 <li><strong>The top 10 non-exchange wallet addresses now contain a whopping 39.22 million ETH.</strong></li>
 <li><strong>The price at the time of writing, broke $1569 key support level.</strong></li>
</ul>
<p>On-chain data suggests that Ethereum whales are showing resilience in the face of heavy selling pressure. According to the available data, the top 10 <a href="https://thenewscrypto.com/eth-drops-to-one-month-low-whats-ahead-for-ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> whales have amassed an incredible 40 million ETH in the last few days.</p>
<p>Santiment, an on-chain data source, noted that the wealthiest Ethereum wallet addresses on and off exchanges continue to amass ETH even while the price of Ethereum hovers around $1,550. The top 10 non-exchange wallet addresses now contain a whopping 39.22 million ETH, while only around 8.51 percent of the total supply is held on exchanges.</p>
<p>However, Ethereum is falling behind <a href="https://thenewscrypto.com/bitcoin-continues-to-fall-whats-fueling-the-decline/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> as a result of the present selling pressure. Since the beginning of the year, Ethereum’s share of the total crypto market worth has declined from about 18.4% to 17.8%. While Ethereum’s market share is falling, Bitcoin’s has risen beyond 50%.</p>
<h3 class="wp-block-heading" id="h-severe-downtrend">Severe Downtrend</h3>
<p>At the time of writing, ETH is trading at $1557, down 2.17% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 22.80%. The price has been facing high selling pressure. After facing strong resistance at $1734 level, the price has been witnessing severe downtrend.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/ETH_7D_graph_coinmarketcap-3.png" alt="" class="wp-image-83652" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/ETH_7D_graph_coinmarketcap-3.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/ETH_7D_graph_coinmarketcap-3-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/ETH_7D_graph_coinmarketcap-3-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>Moreover, the price at the time of writing, broke $1569 key support level. It will now likely test the $1430 level. Further decline will likely see price testing the $1120 area.</p>
<p>On the other hand, if bulls could drive the price above $1654 resistance level, then a fresh rally can be expected. With the U.S inflation data expected to be out today, investors and traders can expect high volatility.</p>

Ethereum Price Continues Downfall; Worst Yet to Come?

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