As the cryptocurrency market begins to show signs of stability as Bitcoin (BTC) momentarily holds above the crucial $20,000 support level, the second-largest digital asset by market capitalization, Ethereum ( ETH), also saw its price increase significantly last week.
According Data shared by behavioral analytics platform Saniment July 7.
Indeed, Ethereum saw a net of over 220,000 coins move to exchanges on July 6, the highest daily amount in 11 months based on the ratio of daily on-chain trading volume to profit to loss (ETH). As a result of the huge influx, the platform warned:
“So far today, we are seeing the highest ratio of ETH take-profit-against-loss trades since April. Be careful in these conditions.
Ethereum Price Analysis
Along with Ethereum’s exchange flow balance, the digital asset is currently trading at $1,220, up 7.53% in the past 24 hours and a further 18.92% from the previous week. , bringing the total value of the cryptocurrency market to $148.2 billion, according to data from CoinMarketCap.
Interestingly, Ali Martinez, a well-known crypto trading expert, Noted on June 30 that:
“Over 200,000 ETH worth over $200 million has been sent to known crypto exchange wallets in the past five days.
The analyst believed at the time that the price of Ethereum may soon experience a significant decline due to the influx of new funds into trading platforms and the ongoing bear market in cryptocurrency markets. Transaction history at the time revealed that nearly 468,000 addresses together held over 7 million ETH and are now in the red.
However, Ethereum has moved in the opposite direction climbing $200 since June 30. Notably, Finbold pointed out on July 5 that:
“The next significant hurdle to overcome is near the $1,080 area. If the price manages to sustain an upside while remaining above the $1,120 resistance zone, a significant uptrend could begin.
Finally, the CoinMarketCap community predicts that ETH will trade at an average price of $2,529 by July 31, 2022; Whether the asset can reach such heights in just one month remains to be seen.
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