Ethereum whales remain bullish for the token, but ETH prices remain lifeless. Image from freepik and pngtree

PATNA ( — Ethereum (ETH) price continued crabbing across the daily charts, despite reports of very bullish Ether whales.

Whale addresses holding more than 1 million or more ETH (billionaire Ether whales) have collectively added 3.5 million Ether tokens since the Ethereum Merge event on Sept 11, per data from Santiment.

The latest addition has increased the whales’ ETH holdings by 14% since the Merge. Moreover, the Ethereum whales’ buying spree has pushed the cohort of nearly 132 such wallets to an all-time high balance of 28.55 million ETH- worth more than $37.2 billion at writing.

Ethereum billionaire addresses upped their accumulation game post Merge
Ethereum billionaire addresses upped their accumulation game post Merge. Source: Twitter/Santiment

Meanwhile, in an Oct 16 Twitter post, Santiment shared a post in which Ethereum sharks and whales (with ETH holdings between 100 ETH to 1 million ETH) had dropped their holdings and sold nearly $4.2 billion worth of ETH in the preceding weeks.

Related: Ethereum Price Forecast: ETH Could Surge If It Clears This Barrier

However, the whales sold most of their holdings when ETH prices were near $1,400. Hence, most of these investors would be looking to buy back their holdings now that ETH prices have dropped. As a result, the buying pressure for ETH prices might increase.

ETH Price Action Remains Flat

ETH prices have remained determinedly flat over the past few weeks. Meanwhile, the ETHUSD pair has been moving inside a classic Bollinger Band squeeze pattern. American financial author, analyst, and trader John Bollinger propounded the indicator for technical analysis.

A squeezed Bollinger Bands formation indicates an asset’s tendency to break out to higher prices or lower levels. As such, ETH prices have a clear signal for a breakout in either direction. Meanwhile, long wicks on both ends of Oct 20’s daily candle indicate the fierce struggle between bulls and bears.

ETHUSD daily chart with RSI and Bollinger bands
ETHUSD daily chart with RSI and Bollinger bands. Source:

For an upside movement, ETH prices would need to exceed their 20-day exponential moving average (20-day EMA, red wave) and target resistance from its 50-day EMA (purple wave) near $1,380.

Moving above their immediate resistance would help ETH prices gain momentum and target resistance from their 100-day EMA (blue wave) near $1,500.

Conversely, if ETH prices break out for the lower levels, the prime altcoin prices would likely fall to immediate support near $1,250. Moreover, a marketwide sell-off could see Ether prices test support near $1,170 before recovering.

Meanwhile, the relative strength index for ETH remains neutral, with a value of 43.07 on the daily charts.

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The post Ethereum whales add 3.5M ETH to their purse, Ether continues crabbing appeared first on CoinChapter.