The world’s second-largest cryptocurrency Ethereum (ETH) has been hovering around $18,50 levels for the past few weeks and missing in action. Since the beginning of 2023, ETH has been more or less following the trajectory of Bitcoin.

However, on-chain data shows that the top-tier whale addresses have continued with their ETH accumulation. Over the past five years, Ethereum has witnessed an increase in the size and accumulation of its top 10 addresses, which now hold a larger portion of the total available coin supply.

During this period, the ownership of the top 10 largest addresses has grown from 11.2% to a current 34.6% of Ethereum ($ETH). The added amount of 27.86 million $ETH stands at approximately $51.6 billion, as per the Santiment report.

Ethereum (ETH) Lacks Catalyst

As said the Ethereum (ETH) price has been largely following the BTC price movement since the beginning of 2023. Ever since the Merge event in September 2022, ETH has lacked a major catalyst for the price to rally further.

Let’s take a look at the technical chart to decide on any further price action for ETH. Between July 14 and August 8, the price of ETH has shown a descending triangle pattern on the daily chart. This pattern is defined by a series of lower highs and relatively steady lows, indicating a negative sentiment in the market.

If the price of Ether closes below the horizontal line of the triangle at $1,823, it could suggest that the downward trend will likely continue. However, the ETH price is trading above these levels for now, which is a positive indicator.

In this scenario, the value of the token for smart contracts may decrease further, with initial support expected around the psychological level of $1,800. Additionally, the 200-day Simple Moving Average (SMA) at $1,788 is likely to provide additional support before the price potentially reaches the technical target indicated by the current chart pattern at $1,700. This would result in an overall loss of approximately 7.23% from the current price.