Ethereum price has been stagnant for the past few weeks in an adjustment range. It seems that neither the bulls nor the bears want to pull the trigger, but that has not stopped other investors from accumulating the digital asset.
According to a recent ‘Santiment’ report, ETH's whale directorates have reached a maximum of 10 months.
This is the largest collective balance held within the top pic.twitter.com/AJgfgsYFE5
– Santiment (@santimentfeed) May 28, 2020
They currently hold over 21,800,000 Ethereum tokens. The report also indicates that in the past two days, top ETH addresses have added around 145,000 more ETH to their holdings.
Ethereum main directions have significantly increased their holdings in the last 5 months, although the current price of ETH is basically the same as in September 2019, when the main holders had almost half of ETH.
Ethereum looking for a bullfight
Despite trading laterally for weeks, Ethereum's short-term outlook still looks bullish and it is currently trying to break $ 215 and $ 220, crucial resistance levels that could boost Ethereum up to $ 240 if convincingly broken.
Ethereum is also on a weekly bull flag that would be confirmed if the bulls break the resistance levels mentioned above. Trading volume has decreased significantly for Ethereum over the past month, indicating that a big move is likely to happen soon.
At BitMEX, Ethereum's longs dominate shorts, however this could lead to prolonged compression in the event of a sudden crash. The bears would need to see a collapse of up to $ 190 for that to happen, something that doesn't seem likely at the moment.
The daily chart clearly shows how strong the resistance area is between $ 215-220 as ETH has been rejected from this area several times before. Usually after some strong rejections, the asset collapses, but the bulls have been able to buy the falls and keep Ethereum on a daily bullish trend.
The bulls are buying the fall, but they are not yet pressing Ethereum above $ 220. They would like to see a significant increase in the bullish volume before a clear breakout and a close above $ 230.