- 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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Create account Try a demo Download mobile app Download mobile appAlso recent data shows that the number of coins held on exchanges fell to 15,469,582 over the weekend, the lowest level since October 2019 which may cause a supply shortage.
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
