The market cap for Ethereum hasbeen pushed up to $27.94 billion, which is nearly 10.89% of the overallcryptocurrency market cap. The marketcap of Ethereum was at $135.58 billion.

ETH has been trading in theranges of $232.85 to $262.97 over the past 24 hours. ETH has gained 40.2%. However, ETH iscurrently down from its all-time high of $1,423.20 by 81.52%.

Ethereum has a false sense ofdecentralization. It is now seen thatthe distribution of ETH is not too great as 1/3rd of the ETH is heldby 376 people.

ETH is focused more to be a toolof smart contracts. They are notconcentrating on becoming an investable token. The whales holding the ETH have been dormant. However, then they make a market movement,the price trends change on the chart, and the markets can notice theirpresence.

Kim Grauer, senior economist atEthereum, stated, “The majority of whales aren’t traders, they’re mostlyholding.”

Small groups and individuals willbe able to sway the market by using their wallets due to the distributionpattern of the token.

Ethereum Classic falls below thekey support versus the USD on the technical charts. On reading the 4-hour chart, it is seen thatETC is in a near bull trend as it was holding an important level of 95000satoshis. When it was about making aninitial jump from the recent bottoms the Fibonacci 236 level was the first stopfor the ETC.

ETC should hold the 95000 satoshilevel. If it does not hold this level,it will fall down to the moving averages at 90,000 or back to its presentsupport at 77,000.

The intermediate trend for ETC isbearish at both the 50-day moving average and 200-day moving average. This is expected to be aligned in the bearishsetup. To break the intermediate bearishtrend, it should close a candle above 100000, which will be down the slopingtrend line, which has been formed back at the beginning of April.

The long term trend for ETC is aswell bearish. There is a declining fallingwedge formation, which is a pattern for bullish reversal on the weeklychart. The RSI is on the edge of theoversold area with all bullish indicators.

Where the general marketmovements are concerned and the sentiments shifting, institutional investors areplaying a cautious game.