ETH Price Hangs Onto $1,600 Support Bolstered By Large Holders
This uptrend coincided with a general bullish wave across the market that saw Bitcoin climb to $26,400 late Thursday. ETH price ascended to $1,660 in a candle wick, unable to push past the 100-day Exponential Moving Average (EMA) (blue). advertisement Up barely 0.1% on the day, Ethereum live price has rebounded to $1,630 in a bullish four-hour candle. If this rebound continues as expected, ETH will likely close the day above the 21-day EMA (red) short-term resistance – a move likely to serve as confirmation for a rally above the upper range limit at $1,700. Large Holders Buying ETH Is a Bullish Signal Large holders are helping to keep Ethereum in the range channel while keeping bears in check. According to the latest insights from the on-chain analytics platform IntoTheBlock whales “are causing price consolidation in a tight range due to significant acquisitions both in the low and high 1600 ranges.” The chart below shows sign...