Peter Brandt, in a post he recently shared on Twitter Ethereum (ETH) he was skeptical of his recent rise and claimed it was “controversial”.
“Ethereum’s Rise Happened at Low Volume”
The veteran trader noted that the most recent rise occurred at “extremely low volume.” This is why the rally over the weekend, according to the expert, blazed like a straw.
Brandt said the rise was not supported by strong wallets with aggressive purchases.
The world’s largest altcoin broke above the $1,400 level for the first time in more than a month with its latest rally.
Ethereum vastly outperformed Bitcoin, with the ETH/BTC pair hitting its highest level since late May.
The upturn came on extremely light volume. IE the thrust was not based on aggressive buying from strong hands and is, therefore, questionable
— Peter Brandt (@PeterLBrandt) July 17, 2022
second largest in the world cryptocurrency At the time of this writing, it is trading at $ 1,339 according to CoinMarketCap data.
The rise in ETH comes after some rumors that the long-awaited “Merge” event could happen in September. With the update, the ETH network will switch to the much more energy-efficient Proof of Stake mechanism instead of the Proof of Work mechanism based on mining power.
The fact that Ethereum will switch to a different system has also mobilized the cryptocurrencies remaining in the old version of the ETH network. Other altcoins on the ETH network were on the rise as ETH miners would be idle.
Among the crypto assets on the rise, Ethereum Classic (ETC) attracted attention with the sudden increase in value on its chart.
*Not investment advice.