PRESS RELEASE: Ethereum Takes A Breather As Miners Take Profits In Large Numbers

Ethereum price seems primed to to break its record highs once more after exploding to a new 2021 record high of $1440 on Coinbase. The second biggest crypto recorded the new highs before plunging to as low as $1234. Notably, ETH small scale traders are seemingly behind this rally.

The miners in the Ethereum market have taken some quick profits from the surge that happened earlier this month. This widespread profit-taking might have contributed to the selling pressure aftermath witnessed in the past few days.

In the past few weeks, ETH miners have been selling heavily as their balances drop below 1 million for the first time since its price exploded above $1000.

Ethereum Makes a Healthy Correction, What next?

Ethereum is currently in a consolidation phase as it seeks a support level above $1300 after rallying to record highs. Since January 3, 2021, ETH prices have been encountered heavy selling pressure from miners making huge panic sell-off. The short term bulls fear that the price may have fallen harder.

ETH Miners Balance Nevertheless, according to 30 days’ accumulation metrics, ETH seems to be creeping towards the danger zone phase.

Although this metric has slowed down, the risk of accumulating ETH when the digital token is close to breaking its record highs “danger zone” is certainly higher.

ETH MVRV (30d) chart Notably, the recent panic sell-off that has pushed ETH record highs have happened right after the TD sequential indicator presented a sell-off signal in the form of a green nine candlesticks on a 4-hours chart.

But, ETH bulls have defended a crucial support level at $1183. If this barrier breaks, bears will take control of the trend and the price of ETH may flip.

ETH/USD 4-hour chart

Ethereum Price Prediction For 2021

The price of Ethereum may explode to $1670 provided that the current super trend will remain bullish. According to 4-hour chart, ETH has re-tested the previous resistance level of an ascending pattern.

ETH Holders Distribution Interestingly, despite small scale miners making panic sell-off, whales are still hodling . The number of large holders with 1,000,000 to 10,000,000 ETH coins has remained dormant since January 15.

Furthermore, the number of whales holding has doubled since January 6. Similarly, more whales holding between 100,000 and 1,000,000 ETH have also accumulated since the beginning of 2021.

In that context, Ethereum has entered the parabolic phase. It needs just some slight pressure from whales. If that happens, its price will explode to attain record highs as many traders expect.

Like what you’re reading? Subscribe to our top stories

This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/21/ethereum-takes-a-breather-as-miners-take-profits-in-large-numbers/