- Ethereum network’s active addresses in the past 24 hours declined, as sellers extended their dominance in ETH.
- Ethereum whales holding between 10,000 and 1,000,000 Ether tokens have shed their holdings of the altcoin over the past two days.
- ETH supply on exchanges climbed as price risks decline below the $1,800 level.
Ethereum network activity has declined after weeks of high activity from addresses, as seen on crypto intelligence tracker Santiment. The reduction in active addresses in the ETH network, and decline in holdings by large wallet investors are two factors that are likely to negatively influence Ethereum price.
Also read: Ethereum price likely to reach $2,000, according to these bullish on-chain metrics
Ethereum on-chain metrics turn bearish
Ethereum’s on-chain metrics like daily address activity, whale holdings and supply on exchanges have turned bearish over the past 48 hours. Based on data from crypto intelligence tracker Santiment, there is a decline in daily active addresses over the past two days. ETH price declined from $2,011 on July 13 to $1,887 at the time of writing
 [20.05.35, 22 Jul, 2023]-638256339187059628.png)
Active addresses (24 hour) vs ETH price
As seen in the chart below, ETH supply on exchanges has increased between July 16 and the time of writing, after consistent decline over a multi-month period. Whale activity, represented by yellow and blue bars, has declined since its peak in mid-July. Bearish on-chain metrics have likely fueled the spike in selling pressure on Ethereum.
 [20.08.50, 22 Jul, 2023]-638256339513359897.png)
Supply held on exchanges, whale transaction count, ETH price
Whales in two segments, holding between 10,000 and 100,000 ETH tokens and 100,000 and 1,000,000 Ether have shed their holdings over the past two days. This is another bearish on-chain metric that points towards a decline in ETH price in the short term.
At the time of writing, Ethereum price is $1,888.30 and the altcoin has sustained above the key psychological level of $1,800.
Like this article? Help us with some feedback by answering this survey:
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin holds steady, Fed warns of tariffs’ impact, as Gold hits new highs
Bitcoin price consolidates above $84,000 on Friday, a short-term support that has gained significance this week. The world's largest cryptocurrency by market capitalization continued to weather storms caused by US President Donald Trump's incessant trade war with China after pausing reciprocal tariffs for 90 days on April 9 for other countries.
Official Trump massive $300M token unlock spells doom
Official Trump ($TRUMP), the Presidential meme coin launched in January by the United States (US) President Trump family’s World Liberty Financial company, is in a precarious situation that could see volatility spike significantly.
How will President Trump's threat to Powell affect Bitcoin?
Bitcoin (BTC) traded above $84,000 on Friday as President Donald Trump slammed Federal Reserve (Fed) Chairman Jerome Powell for not cutting interest rates on time. Trump pointed to the European Central Bank (ECB) lowering rates by 25 basis points, urging Powell to do the same in the US.
Slovenia moves to impose 25% tax on crypto traders
Slovenia has become the latest European Union member state to crack down on untaxed crypto gains, unveiling a proposal to impose a 25% tax on personal profits from digital asset disposals starting in 2026.
Bitcoin Weekly Forecast: BTC holds steady, Fed warns of tariffs’ impact, as Gold hits new highs
Bitcoin price consolidates above $84,000 on Friday, a short-term support that has gained significance this week. The world's largest cryptocurrency by market capitalization continued to weather storms caused by US President Donald Trump's incessant trade war with China after pausing reciprocal tariffs for 90 days on April 9 for other countries.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.