The price of Ethereum has been stagnant for the past weeks trading in-between a tightening range. It seems that neither the bulls or bears want to pull the trigger but that hasn’t stopped other investors from accumulating the digital asset.
According to a recent report by ‘Santiment’, the whale addresses of ETH have hit a 10-month high.
They are currently owning more than 21,800,000 Ethereum coins. The report also states that in the last two days, the top ETH addresses have added around 145,000 more ETH to their holdings.
Top Ethereum addresses have been growing their holdings significantly over the past 5 months even though the current price of ETH is basically the same it was back in September 2019 when the top holders had almost half ETH.
Ethereum Looking For A Bull Break
Despite trading sideways for weeks, Ethereum’s short-term outlook still looks bullish and it is currently attempting to break $215 and $220, crucial resistance levels that could boost Ethereum up to $240 if they are broken convincingly.
Ethereum is also in a weekly bull flag which would be confirmed if the bulls break the resistance levels previously mentioned. The trading volume has been dwindling significantly for Ethereum over the past month which indicates a big move is likely to happen soon.
On BitMEX, Ethereum longs are dominating shorts, however, this could lead to a long squeeze in the event of a sudden crash. Bears would need to see a crash down to $190 for that to happen, something that doesn’t seem likely right now.
The daily chart clearly shows how strong the resistance area between $215-220 is as ETH has been rejected from this area a few times before. Usually, after a few strong rejections the asset crashes down but bulls have been able to buy the dips and maintain Ethereum in a daily uptrend.
Bulls are buying the dip but are not pushing Ethereum above $220 just yet. They would like to see significant increasing bull volume before a clear break and a close above $230.