Ethereum miners are hoarding ETH as prices rise

The Ethereum miners’ balance has grown to the highest level, according to data from analytics platform Santiment. The balance is now worth $1.85 billion when converted to USD as miners remain reluctant to sell their Ethereum holdings.

Amount of ETH held by miners reached its highest level since 2016. Source: Santiment

The firm stated that the 532,750 ETH is the largest balance held by miners since  the network was launched five years ago. The amount equates to around 0.45% of the total circulating supply of Ethereum which is currently 117.8 million ETH.

Miners typically sell the asset on a regular basis to offset expenditures such as electricity and hardware. Miners’ hesitation to sell could indicate that they are waiting for more price hikes.

ETHEREUM price showed a strong surge after a breakout above the upper limit of the descending channel on October 1. Buyers managed to break above local resistance at $3340.00 which coincides with 61.8% Fibonacci retracement  of the downward correction launched in mid-May. Currently price approaches major resistance at $3700.00. Should break higher occur, upward move may accelerate towards $4020 where September highs are located. Source: xStation5