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Ethereum Miners Accumulate Over 15,000 ETH; Will Price Follow?

Speculation has been mounting around the upcoming protocol upgrade that Ethereum will go through. However, the price of the smart contracts giant seems to have leveled off as it continues consolidation within a $25 trading range for over the past few weeks.

The ongoing stagnation phase is forcing the Bollinger bands to squeeze on ETH’s 1-day chart. Squeezes are indicative or periods of low volatility and are usually succeeded by wild price moments.

Since this technical index does not present a clear path for Ether’s direction, only a daily candlestick to close below or above this critical zone will help determine what the future holds.

Despite the ambiguous outlook that Ethereum currently presents, data reveals that miners recently began accumulating massively, which may lead to a bullish impulse.