Leading on-chain tracking platforms continue to share important data on Ethereum, the largest altcoin excluding stablecoins. According to the data, after the Shapella update in April, ETH whales changed their positions.
Decline in Whale Numbers!
According to the graphic shared by the on-chain tracking platform Glassnode, whales with 1,000-10,000 ETH went on sale.
Medium-sized whales were holding 14,167 million ETH at the time the Shapella update went live. However, this number has decreased to 14 million today. The net position change indicated by the bars reveals that the whales are on sale.
Do Price and Whales Move Together?
An interesting situation arises when the purchases and sales of Ethereum whales in the past are followed. In the 2016-2020 range, the ETH price followed the whales. However, with the pandemic, this situation was completely reversed.
With the onset of the pandemic, whales were constantly selling Ethereum, while the price forced $5,000. Experts explain the reversal of this correlation with expansionary monetary policies.
Ethereum is trying to recover after the decline it experienced on the first day of the week.
Resisting the selling pressure at the $1,800 level, the bulls managed to keep the price above this figure. Positive moves could be seen again if ETH clears the $1,939 resistance.