Ethereum Attempting to Claim $1,200 as Support. The drop in ETH miner balances demonstrated by the above chart hints that the majority of the miners sold their Ethereum bags as the digital asset shot up to $1k levels.
This means that miners have less to sell and Ethereum is on a path towards price discovery that could see ETH hit the anticipated $2k value.
At the time of writing, Ethereum is trading at the $1,200 price area in what looks like consolidation in a bid to turn this area into support. As Mr. Winklevoss pointed out, Ethereum is approximately 10% shy, or $200 away, from retesting its all-time high of $1,432 set in January of 2018.
If Bitcoin continues on its path towards $50k, the general bullish momentum could allow Ethereum to gain by $200 or more, to successfully set a new all-time high.
ETH Miner Balances at an All-time Low
Furthermore, the amount of Ethereum currently held by miners is at an all-time low. This fact was pointed out by the team at Santiment via the following statement and accompanying chart demonstrating the drop in ETH miner balances.
As a new Ethereum 35-month high of $1,153 has been established today, we’ve found that ETH miner balances are now at an all time low (excluding open ICO weeks back in 2015). Yet another intriguing sign for holders of the #2 market cap crypto asset.
- Tyler Winklevoss has pointed out that Ethereum is 10% shy of its all-time high
- According to Mr. Winklevoss, Ethereum feels cheap during a bull run
- ETH miner balances are at an all-time low, hinting that there is seller exhaustion
- Ethereum is now attempting to turn the $1,200 price area into support
The Co-founder and CEO of the Gemini Exchange, Tyler Winklevoss, has pointed out that Ethereum’s current price around $1,200 is 10% off its all-time high. He also pointed out that the current value of Ethereum ‘feels cheap during a bull run.’ Mr. Winklevoss shared his brief insight of Ethereum via the following tweet.
Ether $ETH is still 10% off its all-time high. Feels cheap during a bull run
— Tyler Winklevoss (@tyler) January 8, 2021