Ethereum Market Update: Whales keep their positions despite declining prices

  • The top 100 Ethereum non-exchange addresses, aka whales, now hold 27.85M ETH combined.
  • The total value locked up in DeFi contracts has jumped from $6.30B to $9.56B over the last 24 hours.

It looks like Ethereum whales are on the move. Santiment, the cryptocurrency behavior analytics platform, noted that the top 100 Ethereum non-exchange addresses, aka whales, now hold 27.85M ETH combined.


That’s a pretty steep rise from two months ago when these addresses held around 21.74M. It looks like they are making the most of low prices to consolidate their position. However, what exactly are they doing with their holdings?

Let’s look at the token velocity.


It looks like there has been a sharp dip in velocity since this Tuesday. Since velocity and token movement are directly related to each other, this means that instead of buying and selling ETH for short-term gains, the bulls are hoarding their ETH and either storing them in their wallets or staking them in DeFi contracts.



As you can see, there has been a sharp increase in the total value locked (TVL) in DeFi smart contracts. The value locked has jumped from $6.30B to $9.56B over the last 24 hours.


Over the last 24 hours, three protocols have seen a marked rise in TVL – Synthetix, SushiSwap and Aave (LEND).

ETH/USD daily chart

ETHUSD daily chart

Despite the whale’s actions, the short-term price outlook remains bearish. As previously reported, ETH has charted a head-and-shoulders pattern, which will trigger a further bearish movement. The price will break below the $337 support level and fall to the $320 line. The MACD shows increasing bearish momentum, which will further help the sellers.

Key levels


Today last price 343.21
Today Daily Change -1.05
Today Daily Change % -0.31
Today daily open 344.26
Daily SMA20 365.93
Daily SMA50 390.98
Daily SMA100 324.47
Daily SMA200 255.02
Previous Daily High 346.84
Previous Daily Low 335.57
Previous Weekly High 394.55
Previous Weekly Low 353.58
Previous Monthly High 447.5
Previous Monthly Low 325.75
Daily Fibonacci 38.2% 342.53
Daily Fibonacci 61.8% 339.88
Daily Pivot Point S1 337.61
Daily Pivot Point S2 330.95
Daily Pivot Point S3 326.34
Daily Pivot Point R1 348.88
Daily Pivot Point R2 353.49
Daily Pivot Point R3 360.15



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ripple Price Prediction: XRP ready to make a comeback as bulls target $0.7

XRP, like the rest of the market, had a significant crash from its peak of $0.78 down to $0.456. The digital asset is currently trying to bounce back up, trading around $0.537, awaiting a clear breakout or breakdown from an ascending triangle on the 30-minute chart.

More Ripple News

Facebook plans to launch a limited version of its cryptocurrency Libra in 2021

The social media giant Facebook may launch its contradictory digital coin Libra as early as in January 2021, the Financial Times reports, citing knowledgeable sources.

More Libra News

Bitcoin show signs of a dead cat bounce while investors hope for prompt recovery

Bitcoin is hovering around $17,000 after a heart-breaking sell-off to $16,200 on Thursday. However, the industry experts warn that the downside correction has just started. 

More Bitcoin News

German finance minister calls for quick decisions on ECB's digital currency

Germany's finance minister, Olaf Scholz, said that Europeans should work very hard to come up with a solution for digital payments, as there is a massive demand for digital money from consumers and businesses.

More Cryptocurrencies News


Gold Weekly Forecast: XAU/USD tumbles to multi-month lows on risk flows, technical selloff

Bitcoin has lived through a roller-coaster week. The pioneer digital currency hit another multi-year high of $19,500 and got really close to the all-time high on Wednesday. 

Read the weekly forecast