Ethereum whales have been consistently distributing their holdings for the past six months, a worrying sign for ETH. The Accumulation Trend Score, as highlighted by analyst James Van Straten, indicates a bleak outlook for Ethereum. This score, provided by Glassnode, assesses whether investors are accumulating or not based on wallet balance changes and entity size. A score near 1 suggests strong accumulation by large investors or many small holders buying, while a score near 0 indicates net distribution or a lack of accumulation. Recent data shows that large entities like sharks, whales, and mega whales are still in a distribution phase, exerting negative pressure on Ethereum's price. Until these cohorts shift back to accumulation, ETH may struggle to recover significantly. As of now, Ethereum is trading around $2,400, down by more than 7% in the past week. Read more AI-generated news on: https://app.chaingpt.org/news

#ETH