ETH Struggles Below $2000 As Ethereum Whales Battle Among Others

On Tuesday, June 22, the world's second-largest cryptocurrency registered a 10% price drop, reaching close to $1700 and falling below key support levels. While the overall crypto market is rebounding from the lows, ETH is still trading below the $2000 levels, which has become the next resistance. Ethereum (ETH) price is 60% down from its all-time high of $4400 in the last month of May 2021. However, ETH is interesting for whale behavior at this stage. ETH exchange whales are at war with non-exchanged whales, according to data from on-chain provider Santiment. ETH holdings in exchange wallets are shrinking rapidly. On the other hand, ETH holdings in over-the-counter portfolios are currently at record levels. This is a classic battle between exchanged and non-exchange whales that continues from now on. Courtesy: Santiment Additionally, another interesting data point shows that Tuesday's solid price correction came as the behavior of the ETH whale offset the price behavior over the past month. According to on-chain data, ETH whale wallets holding anywhere between 10,000 and 100,000 have tracked the ETH price over the past three months to last month's clearing. Fun fact: ETH held in 10K – 100K wallets tends to follow price over the past three years. But last month the price underperformed. pic.twitter.com/eBrRKFvf8m — Lex Moskovski (@mskvsk) June 20, 2021 Ethereum analysts bullish on ETH chart patterns Although Ethereum has been trading sideways for a while, some chart indicators show that Ethereum has a strong support formation. Speaking to CNBC, Blue Line Capital founder and chairman Bill Baruch said that Ethereum's technical charts show a formation with a rotating pattern. This pattern usually appears after a major downtrend and signals upward movements. Baruch said, “I bought ethereum today. Ethereum is testing at a major support level. What are you

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