• Ethereum price was rejected at its all-time high of $1,440 and has significantly cooled off.
  • ETH miners have taken some profit in 2021 which could have contributed to the selling pressure.

Ethereum price reached $1,440 on Coinbase, a new all-time high before plummeting to a low of $1,234. It seems that ETH miners have been selling a lot in the past few weeks as their balances have dropped below 1 million ETH for the first time since the price hit $1,000.

Ethereum price faces healthy correction and it's poised for another leg up

Most of the selling pressure comes from ETH miners selling a significant amount of coins from January 3 until now. This can be concerning to the bulls in the short-term as miners could continue to panic sell if Ethereum price falls harder.

eth price

ETH Miners Balance

Additionally, the MVRV (30d) chart shows Ethereum is still close to the danger zone although this metric has cooled off with the last dip. The risk of accumulating ETH when the digital asset is close to the danger zone is certainly higher.

eth price

ETH MVRV (30d) chart

The recent sell-off from Ethereum’s all-time high happened right after the TD Sequential indicator presented a sell signal in the form of a green nine candlestick on the 4-hour chart. So far, ETH bulls have defended a crucial support level at $1,183. However, if this one breaks, bears will take control of the trend.

eth price

ETH/USD 4-hour chart

Ethereum has re-tested the previous resistance level of an ascending triangle pattern on the 4-hour chart. Considering that the SuperTrend has remained bullish, the digital asset could be aiming for a high of $1,670 after a rebound. 

eth price

ETH Holders Distribution

It’s also important to note that despite miners are selling, whales aren’t. The number of large holders with 1,000,000 to 10,000,000 ETH coins hasn’t moved since January 15 and it has increased by two since January 6. Similarly, whales holding between 100,000 and 1,000,000 have accumulated even more ETH since the beginning of 2021.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

Read full analysis

BTC

ETH

XRP