60% of Ethereum hasn't been moved in a year; will this bolster its uptrend?

Ethereum has found itself caught within an intense uptrend over the past day, with its overnight upswing invalidating the firm downtrend that the crypto has been caught within against its Bitcoin trading pair.

One metric illustrating this is the massive amount of ETH that hasn't been moved on-chain in over a year.

Ethereum rallies to local highs as analysts watch for a breakout.

At the time of writing, Ethereum is trading up over seven percent at its current price of $235. This happens to be where it set local highs several weeks ago concurrently with Bitcoin's rise to highs of $10,500.

Yesterday evening ETH incurred a sudden influx of buying pressure that propelled it to these highs.

Buyers could be on the cusp of sparking an incredibly sharp movement up to its yearly highs of $290 that were set in February.

Josh Rager - a respected cryptocurrency analyst - spoke about this trendline in a recent tweet, explaining that a break above it could spark a movement to higher highs.

"Ethereum outperforming Bitcoin heavily over the past three days. Price is now sitting under three-month trendline on daily which is also the value-area high acting as natural resistance. Breaking/closing above this level would likely lead to new higher highs."

This is indicated by the fact that 57 percent of the total Ethereum supply has not been moved on-chain in over one year.

"~57% of the total ETH supply has not been moved on-chain for over 1 year with ~16% not moving in over 3 years.