Ether (ETH) still hasn't received enough support to repeat the February run and break above $ 2,000. Even the reduction in the exchange balance of the cryptocurrency has not yet had a positive effect on its value.
In the middle of the week, ETH tried to gain a foothold above $ 1800, but soon the coin retreated again. On Friday night, March 19, the price of ether dropped to $ 1,770. Altcoin capitalization fell by almost 3% to $ 205.33 billion.
The Santiment team draws attention to the decline in the share of large holders of ETH or the so-called "Ethereum whales".
According to analysts, over the past month, the number of wallets containing from 100 to 10,000 ETH fell by 7.2%.
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A similar situation is observed with larger addresses containing at least 10,000 coins. The number of such wallets fell by almost 1% compared to the beginning of last month, according to the experts' report.
It is possible that the Ethereum whales are not yet allowing the altcoin to return to the green zone. A massive dump of cryptocurrency on their part was observed at the very end of February, then the ETH rate fell to $ 1,358.
In early March, the situation returned to normal, and over the past two weeks, Ether has been trading in the range of $ 1,700 to $ 1,800.
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From a report from the same Santiment team, it follows that Ethereum's network metrics are now normal. The number of unique addresses with different volumes of cryptocurrency is growing on the blockchain. However, the coin needs more support, which can only be provided by the big players, that is, the "whales".
According to the EtherScan service, the network currently processes more than 1.3 million transactions per day. Almost 377,000 addresses make transactions on the blockchain every day.