220,000 ETH in 48 hours: Ethereum Price Rally on the road?

Tl; Dr.

• Whales have bought ETH in just two days before almost $ 850 million.
• Other bullish signals for the cryptocurrency are the falling delivery of tokens on exchanges and the solid interest in Spot Etereum ETFs.

The biggest whales in motion

Despite the fact that they don’t post it important WINS In the last 24 hours, Ethereum (ETH), one of the best performing cryptocurrencies in the past month remains, with its price increases by 54% to the current $ 3,800 (according to Cootecko’s data).

Moreover, the recent whale activity suggests that the valuation can pump even more in the short term. The popular X user Ali Martinez unveiled Those large investors (who have between 10,000 and 100,000 coins) have scooped more than 220,000 ETH in the last 48 hours.

The USD equivalent of the stock is slightly less than $ 850 million (calculated at current rates), with this cohort of market participants now checking nearly 28.4 million tokens. This represents 23.5% of the circulating range of ETH.

Such an accumulation leaves less assets available on the Open Markt, which, in combination with non-expanding demand, should result in a rising price. In addition, the relocation can encourage smaller investors to enter the ecosystem with fresh capital.

Martinez was recently pronounced on ETH. Earlier today (July 29), he noted That there has been a lot of hype around the second largest cryptocurrency, but predicted that “the real outbreak” will start as soon as the price is higher than $ 4,100.

The X User Michael Van De Poppe said ETH witnessed the previously expected correction. “In that case I think we will see another upstairs, the target is quite clear: the high at $ 4,100. I think we will wipe that level and consolidate a little. We are going,” he added.

More Bullish Factors

The outflow of fairs has been more than clear in recent months. More than a million ETH has been withdrawn more than centralized platforms in the last 30 days alone, which usually results in a reduced immediate sales pressure.

When Cryptopotato reportedThe total number of Ethereum -Tokens stored on exchanges has fallen to around 19 million, which represents the lowest point that was seen in almost a decade.

The massive capital that continues to flow to spot eth ETFs must also be considered a bullish element. Those products jointly attracted around $ 5 billion in 17 days, indicating a solid interest rate from investors. In reality, The last day of outflow was on July 2.