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Ethereum (ETH) price continues to hover below the $2,000 psychological level with no directional bias in sight. As Bitcoin (BTC) price continues to move sideways, the threat of a further collapse intensifies, especially if the big crypto gives away the $30,000 support floor.

Ethereum (ETH) price remains at the whims of Bitcoin price due to the high correlation between the two. But other factors affect ETH, and investor activity is one of them. As seen in Santiments Supply Distribution chart, large investors popularly known as whales have been busy selling their Ether since the start of 2023.

The cryptocurrency market lost another 0.5% of its capitalisation overnight, to 1.2 trillion. Most losses came on Wednesday afternoon, while capitalisation has risen since Thursday morning.Since last May, the market has failed to develop growth when it reaches levels above 1.22.

The main benchmark and psychological obstacle in this upward march is Bitcoins $30K level. It manages to go higher within local impulses for a while, but this only strengthens the local selling.Technically, Bitcoin never managed to break out of the narrow corridor, turning from decline to rise with the start of active trading on Thursday.

Shiba Inu has observed a surge in on-chain activity since the end of June, with a rise in demand for the meme coin among market participants. The tokens supply on exchanges has also declined considerably, signaling a potential upcoming trend reversal in Shiba Inus price.

Shiba Inu, the second largest meme coin in the crypto ecosystem, saw a considerable decline in its price since early June, when the US Securities and Exchange Commissions (SEC), the countrys financial regulator, enforced its crackdown on crypto.

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Cryptocurrencies Price Prediction: Ethereum, Bitcoin & Shiba Inu European Wrap 6 July - FXStreet