Analytics / Forex and Crypto News
Ethereum seems to have given up attempts to rise above the $250 mark this week. Price is consolidating in the range of $230- $240. The lines of the technical indicator Bollinger Bands are narrowing. Often this is a signal for a future increase in volatility, as the narrowing is replaced by expansion. However, the indicator cannot show further price movement. Only a daily candle formed above or below the midline can indicate the further direction of the price.
However, analysts are paying attention to one factor that will help determine the further direction of the price of Ethereum. According to the Santiment platform, Ethereum miners began to accumulate the cryptocurrency, which could be a harbinger of a bullish movement. Over the past two weeks, miners have increased their balance by 15,000 ETH.
As practice shows, every time the Ethereum miners increase their balance, the price starts to rise. And this time the story may repeat itself.
The representative of Santiment also focuses on the growth in the number of network users. Network growth is one of the most important indicators to understand the health and well-being of any given crypto project.
Analysts suggest the further rise in the price of Ethereum after consolidation. But now the Ethereum is faced with the task of overcoming the area of resistance of $225- $240, where there is a big offer.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov