The cryptocurrency market is starting to show signs of stability as Bitcoin (BTC) momentarily stays above the critical $20,000 support level. Meanwhile, Ethereum (ETH), the largest altcoin by market cap, has also increased its price significantly over the past week. Despite this, investors seem to be selling their ETH. Here are the details…
A large amount of Ethereum is sent to Bitcoin and altcoin exchanges
Despite the inflow of Ethereum’s market cap last week, the DeFi asset is also seeing significant inflows to crypto exchanges, with the biggest profit rate since last August, according to data shared by behavioral analytics platform Santiment on July 7. Indeed, Ethereum saw a net over 220,000 tokens migrated to exchanges on July 6. This marked the highest daily amount in 11 months based on profit/loss ratio (ETH) of daily on-chain trading volume. Consequently, as a result of the enormous input, the platform warned:
To date, we are seeing the biggest ETH take profits since April. Be careful in these conditions.
Ethereum price analysis: What to expect?
Alongside the Ethereum exchange flow balance, the largest cryptocurrency is currently trading at $1,220, up 7.53 percent in the last 24 hours and an increase of 18.92 percent from the previous week. It brings the total market cap of the cryptocurrency to $148.2 billion, according to data from CoinMarketCap. Interestingly, Ali Martinez, a well-known crypto trading expert, noted on June 30:
More than 200,000 Ethereum entered the exchanges. So, it’s worth over $200 million. It was sent to the wallets of known crypto exchanges in the last five days.
The analyst felt that the price of Ethereum could see a significant drop soon as a result of the influx of new funds to the trading platforms and the ongoing bear market in the cryptocurrency markets. The history of transactions at the time revealed that around 468,000 addresses together held more than 7 million ETH, currently in the red.
ETH moves in the opposite direction
However, Ethereum has moved in the opposite direction since June 30, climbing to $200. The next major hurdle to overcome is near the $1,080 zone. If the price manages to sustain a higher move while staying above the $1,120 resistance zone, a major uptrend could begin.
Finally, the community at CoinMarketCap predicts that ETH will trade at an average price of $2,529 by July 31, 2022. Whether the asset can reach such high levels in just one month remains to be seen.
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