According to Santimenti, large holders of Ethereum (ETH) have shown bearish behavior against the second largest cryptocurrency by market capitalization since April. Brian Quinlivan, director of marketing at Santiment, says that addresses with 10-10,000 ETH were rejected around April, in contrast to the increase seen in the last quarter of 2022. “10-10k ETH addresses have been in the dump for about 4 months. They rallied significantly at the end of last year, but profits were taken hard and fast from these key levels at the right price when the price was around a one-year high of around $2,120. Source: Santiment Ethereum was trading at $1,641 at the time of writing. Regarding the likely impact of the behavior of sharks and whales on the price of Ethereum in the future, Quinlivan says: “We need to keep an eye on this continued shark-whale twisting of stocks. Prices can still go higher as profits are taken, and their holdings are far from perfectly correlated. But as for a signal of an immediate return to $2,000 or higher, the whales sure don’t. will continue.” According to the Marketing Director of Santiment, Ethereum transaction and trading volumes showed a positive correlation with the price of ETH. “In terms of profitability, [Ethereum co-creator] Vitalik Buterin’s project has collapsed badly, and the transaction volumes and trading volumes of the chain have declined significantly since their peak in early November last year. While this may not be a red flag for the asset, it does indicate that the crowd is simply showing indifference at a time when many traders really can’t decide whether the $1,650 price level is overvalued or undervalued.