Ethereum, just like many other cryptos including Bitcoin, has been trading sideways for basically the past month. Currently trading at $207 after a decent bull break yesterday, Ethereum eyes up to $217 again, a key resistance level before $220.
Bulls have been trying to break and close above $217 for weeks and they have always been rejected heavily. This area of resistance is crucial for Ethereum and bulls need to break it in order to have a chance of seeing ATHs again.
However, despite a major rejection back in May 10, the interest in Ethereum seems to be growing and could help the bulls secure that $217 level.
Number Of Ethereum Addresses Holding 100 ETH or More Hits New ATH
According to the latest report by ‘Glassnode’, the number of ETH holders with more than 100 Ethereum coins has now reached 47,722 which is a new ATH. It’s important to note that the number of holders with more than 100 Ethereum coins has been increasing since 2016 with barely any downside.
#Ethereum $ETH Number of Addresses holding 100+ coins just reached an ATH of 47,722.000
Previous ATH of 47,714.000 was observed on 21 May 2020
View metric:https://t.co/FbjiMG3uFX pic.twitter.com/KmTnNLEORt
— glassnode alerts (@glassnodealerts) May 22, 2020
Clearly, the interest in the digital asset is strong despite its decline in price. In fact, from 2017-18 after the massive bull run that took Ethereum up to $1,400, the number of holders has increased tremendously from only around 17,000 to 45,000 in early 2019.
This reverse correlation between price and holders shows that ETH has a lot of support behind it despite occasional crashes in its price.
Ethereum is also getting ready for its final transition into 2.0 which will transform its current Proof-of-Work consensus mechanism to a PoS algorithm. This is supposed to happen in June 2020 and the stability of ETH’s price will depend on its success.
Unfortunately, this upgrade has been postponed several times already but it’s still one of the biggest upgrades in the history of cryptocurrencies. At the same time, giant trust fund, Grayscale continues amassing Ethereum coins after buying around 50% of all ETH mined until May 2020.
With all the fundamental support behind Ethereum, do you think bulls will be capable of pushing ETH above $220 in the next week?
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