Ethereum whales are returning to the market by grabbing as much $ETH as they can ahead of the Merge
As we see today, Ether successfully broke the local resistance line of the consolidation channel and swung to the next major resistance level right away. As of now, Ethereum is staying at its 50-day moving average resistance level, which it needs to break to continue the current recovery rally.
After the successful breakout, we saw a reversal in the number of addresses valued between 1,000 and 100,000 ETH since the drop in early May.Surprisingly, there are no signs of a quick fading rally that might have shown us that the second-largest cryptocurrency on the market is having a dead cat bounce and will reverse in the upcoming days.
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