- Ethereum reached new all-time high.
- Price is approaching upper limit of the ascending channel
- Number of whales continue to increase
Upbeat moods can be spotted on the Ethereum market today, where buyers managed to push the price above the previous high of $ 1,440 to a new record of $ 1,475.86. According to on-chain data from blockchain analytics firm Glassnode the number of whales - large holders which own at least 10,000 ETH surged to a 13-month high of 1,103 over the weekend. This month alone, more than 35 whale addresses have been created, and as of mid-November - 75.
Source: Glassnode
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Source: Glassnode
From a technical point of view, Ethereum is again approaching the upper limit of the ascending channel formation, however strong RSI conditions, coupled with a switch of the bearish MACD towards the green zone indicate bullish strength. On the other side, break below the local support, at $1,255, will invalidate the bullish scenario and the downward move towards lower limit of the channel could be launched. However if declines deepen then support at $900.00 could be at risk.
Ethereum D1 interval. Source: xStation5
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