Ethereum (ETH) has remained stagnant at around $1,850 for several weeks, following Bitcoin's trajectory since the beginning of 2023. Despite this, data shows that the top 10 Ethereum addresses have continued to accumulate the cryptocurrency, now holding 34.6% of the total supply. However, since the Merge event in September 2022, ETH has lacked a major catalyst for price growth.

The technical chart shows a descending triangle pattern, indicating negative market sentiment, and if the price falls below $1,823, the downward trend may continue, potentially resulting in a 7.23% loss from the current price.