The second largest crypto, Ethereum, has been trading within a pre-determined range for quite some time, unable to rise above $1920 but sustaining above $1867. While the upcoming trend is largely believed to be consolidated, the possibility of a bullish reversal also emerges. Not only is the supply of the top addresses, or 1% addresses, soaring, but they are also making huge profits.
Ethereum’s trend has been consistent without any steep price actions on either side. Only in cases of acute bearish trends did the price witnessed a massive fall. Hence, the investors have an abundance of faith in the upcoming rally, which has compelled them to keep their ETH out of the exchanges. Moreover, according to the data from Santiment, the largest non-exchange addresses are also getting richer.
Meanwhile, market sentiments are slowly flipping as one of the largest banks in Hong Kong, HSBC, is offering Bitcoin and Ethereum ETFs to their customers. It means that customers can now buy them from their mobile apps. Therefore, the wider adoption and attention may compel the ETH price to make a larger move, which remains stuck at $1900 at the moment.
Interestingly, $4.57 billion in Bitcoin and $2.3 billion in Ethereum are set to expire this Friday on the Debrit exchange. With the dealers experiencing record negative gamma, even a small move away from $30,000 could trigger an explosive rally or a massive slide. Therefore, the Ethereum bulls are required to maintain their stability and keep up the ETH price above $1900 to clinch the price above $2000 in the coming days.
