The Ethereum miners’ balance has grown to the highest level, according to data from analytics platform Santiment. The balance is now worth $1.85 billion when converted to USD as miners remain reluctant to sell their Ethereum holdings.
Amount of ETH held by miners reached its highest level since 2016. Source: Santiment
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Open account Try demo Download mobile app Download mobile appThe firm stated that the 532,750 ETH is the largest balance held by miners since the network was launched five years ago. The amount equates to around 0.45% of the total circulating supply of Ethereum which is currently 117.8 million ETH.
Miners typically sell the asset on a regular basis to offset expenditures such as electricity and hardware. Miners’ hesitation to sell could indicate that they are waiting for more price hikes.
ETHEREUM price showed a strong surge after a breakout above the upper limit of the descending channel on October 1. Buyers managed to break above local resistance at $3340.00 which coincides with 61.8% Fibonacci retracement of the downward correction launched in mid-May. Currently price approaches major resistance at $3700.00. Should break higher occur, upward move may accelerate towards $4020 where September highs are located. Source: xStation5
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