Bullish for ETH: Miners Aren’t Selling Ethereum Despite Its Sizable Rally

Bullish for ETH: Miners Aren’t Selling Ethereum Despite Its Sizable Rally

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  • Ethereum’s price has rocketed over the past few days alongside Bitcoin, but it has been underperforming the benchmark crypto
  • While Bitcoin is currently on the brink of setting fresh yearly highs, ETH is trading down significantly from its $490 highs that were set a couple of months ago
  • For ETH to outperform BTC, there will likely have to be a resurgence in the DeFi space
  • This will drive transactional volume and buy-side pressure for ETH and help it rocket higher
  • One positive development that may boost Ethereum is the fact that its miners haven’t been selling into this recent rally

One analytics platform spoke about this trend, saying:
Ethereum and the entire crypto market have been caught in the throes of an intense uptrend throughout the past few days thanks to Bitcoin’s rally past ,000.
At the time of writing, Ethereum is trading up just under 2% at its current price of 6. This is around the price at which it has been consolidating following its recent rejection at 0.

Ethereum Rallies Alongside Bitcoin, But Underperformance Persists 

This is the near-term resistance level that must be surmounted. A firm break above this level could spark a buying frenzy that helps push its price up to new highs.
For it to outperform Bitcoin, it will have to post some sharp gains in the near-term.
Image Courtesy of Santiment.

ETH is still underperforming the benchmark crypto slightly, but this could change rapidly if there’s any catalyst for gains – like a phase 0 rollout of ETH 2.0 or a resurgence in DeFi trading activity.
“The good news is that miners aren’t selling, and there is a big increase in new ETH addresses being created, and pre-existing addresses have shown an increase in activity.”

Despite ETH’s intense gains as of late, its miners are holding steady and aren’t showing any signs of selling into it.

Because Bitcoin is currently testing its 2020 highs, it does seem as though upside is imminent for the aggregated market.
Featured image from Unsplash.
BTCUSD pricing data from TradingView.

One bullish trend that could boost Ethereum is that its miners have not been selling into this rally – suggesting that they anticipate it to see further upside.

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