- Whales have been on a dumping spree in the past year, while sharks have washed themselves away.
- ETH price is above $1,700 for the first time in over six months.
Since the unfortunate events of 20222, Ethereum (ETH) has been fighting against the prospects of recovery and a return to its previous price position.
However, over the past year, there has been a shift in the attitudes of large addresses towards their ETH holdings.
Read the Ethereum (ETH) price forecast 2022-23
Ethereum dumps and scoops
Traders known as “whales” and “sharks” on Ethereum have seen a dramatic shift in their portfolios over the past year, as reported in a recent post by feelings.
By comparing the charts of the two groups, we can see that the ownership share of whales decreased while that of sharks increased. While whales sold 9.43 million ETH, sharks added 3.61 million to their holdings over the past year.
Source: feeling
There has been a lot of selling pressure on Ethereum, the whale activity over the past year and the amount dumped so far is symptomatic of this. Although the stock of sharks was smaller, it mitigated the effects of the sharp drop in prices.
Two MVRVs, one Ethereum
Ethereum has been undervalued for an extended period of time, as evidenced by the market value to realized value ratio (MVRV) being below the 365-day break-even point.
In November 2022, it reached a low of -49%. With MVRV in the red, the sellers had one more reason to cut their losses, and the price followed suit.
As the price of the asset fell during the sale, the sellers took a hit, allowing new buyers to enter the market at a lower price.
Source: feeling
A 30-day MVRV scan revealed that buyers who entered the trade within the last 30 days mostly kept winning.
At the time of writing, the MVRV is close to 5%. Even though the price has fallen and there has been an apparent sell-off of some election titles, the Shark titles that have been added to their stack will likely turn a profit.
The price of ETH has a maximum of six months
The value of Ethereum (ETH) has been rising steadily over the past week. As of this writing, it is up nearly 4% in one-day trading, trading at roughly $1,740.
A closer look at the daily time frame chart showed that the current price range was the highest in more than six months. In addition, the support was formed around the $1430 price level, with the support area depicted in the cards. Moving average (blue line).
Source: TradingView
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Despite the dumping of whales, the supply of Ethereum on exchanges has not increased, as evidenced by the supply in the Santiment stock market index.
At the time of writing, there has been a net decrease in the amount of ETH delivered to exchanges – there were around 12.9 million ETH available on the exchanges.
Source: feeling