• ETH is in a tug-of-war between buyers and sellers as they try to influence the price.
• Glassnode’s latest data showed that ETH maintained healthy demand levels, but whales have been increasing sell pressure.
• ETH has been attempting to bounce off the 50% Relative Strength Index (RSI) level.
Ethereum Price: Buyers vs Whales
ETH seems to be in a tug-of-war situation wherein buyers and sellers are in a power play to influence the price of ETH. With a rise in buying pressure from traders and the selling pressure from whales, who will emerge victorious?
Retail Demand Sees Uptick
Glassnode’s latest on-chain data revealed that the number of addresses holding 0.01 ETH or more achieved a new ATH on 10 July. This confirmed that ETH managed to maintain healthy demand levels and that this demand is growing. However, addresses holding at least 1,000 ETH have been trimming their balances, contributing to sell pressure which limits potential upside for the cryptocurrency.
ETH Retests Fibonacci Support Level
ETH recently retested a key Fibonacci support at the 0.786 level as shown below and has been hovering above this level for some time due to heavy accumulation within this zone. However, continued sell pressure from whales could limit any potential rally due to retail activity driving address count higher.
ETH Attempts Bounce Off 50% RSI Level
A closer look at ETH’s price chart revealed that the cryptocurrency has also been attempting to bounce off the 50% Relative Strength Index (RSI) level. This indicates that there may be further upside if bulls can break through current resistance levels with enough liquidity provided by retail investors not being sold out by whales looking for higher prices before entering back into positions again.
The Power Play Unfolds
It remains unclear who will win between buyers and sellers when it comes to influencing ETH’s price action; however, what we do know is that retail activity must continue in order for any bullish trend or rally attempts to be successful against whale selling pressure.
