This forecast is confirmed by the reduction in the number of new addresses in the ETH network over the past week. According to IntoTheBlock, the figure has fallen by 43% in seven days. Over the same period, the number of active addresses has fallen by 18%. A decrease in the number of active addresses may put pressure on the price due to a decrease in demand. Also, holders who want to avoid losses may head for the exit. They will start selling their assets.
Ethereum's recent 14% rally has lifted its price above the $2,579 resistance level. However, continued whale selling could prevent the price from returning to $2,868.
If the broader market also starts selling coins, #ETH could test $2,579 again. A break of this support level could result in an 18% price drop, which could see the August 5 low of $2,111 reached. If whales stop selling and new buyers enter the market, Ethereum could rise another 8% and break the key resistance level of $2,868.
