After closing last month with a bearish outlook, the Ethereum (ETH) market is once again not decided on the general direction. Having consolidated between $1800 and $1900 in the past four weeks, the monthly candlestick could end up being a bearish Doji. Moreover, the largest DeFi blockchain ecosystem, Ethereum (ETH), has experienced heightened resistance at around $1900 since recording the post-Shanghai upgrade spike towards $2100. 

Ethereum (ETH) Whales Are Exhausted 

According to on-chain analysis provided by Glassnode alerts, the number of Ethereum addresses holding more than 1k Ethers have reached a 10-month low of about 6,268. Reportedly, the last time Ethereum whales were dumped at this scale was in early November last year when the addresses holding more than 1k reached 6,270.

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Nevertheless, the number of non-zero Ethereum addresses have recently scaled to a new ATH above 100 million.

ETH Price Action

Despite the Ethereum whales dumping at an accelerated rate, short-term technical analysis depicts the bulls could push the asset above $2,000 again. However, the bullish scenario could be invalidated if Ethereum price closes today below $1830, which could spell more sell-off in June. 

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The Ethereum ecosystem holds the highest number of decentralized applications with high daily volume. According to the latest crypto market data, Ethereum had a market capitalization of about $228 billion and a 24-hour trading volume of approximately $6.8 billion, with the total value locked amounting to more than $27.37 billion.