Despite the recent price crash of Ethereum (ETH), large players have been accumulating while smaller traders have been trying to offload their supply, leading to a concentration of ETH supply in the top 10 addresses. However, this does not indicate centralization of ETH. On-chain data provider Santiment explains that smaller traders are succumbing to fear, uncertainty, and doubt (FUD) during this market dip.

Additionally, there has been an increase in significant address activity on the Ethereum network, with more wallets holding between 10 and 10,000 ETH and transactions of $100,000 or more experiencing a surge. The current price of ETH is below both the $1,680 mark and the 100-hourly Simple Moving Average, and may initiate a new decline if it is unable to surpass resistance at $1,665.