Ethereum starts the week with big gains.
In a tweet on Sunday, Santiment Feed revealed that DeFi king Ethereum had rallied over 29% in July alone and 14% in the last 24 hours as about 131 new whales showed up with massive accumulation since May.
“Ethereum has recovered quite well in July, up +29% for the month and +14% alone in the past 24 hours. Additionally, there’s an increase in the key 1k to 100k ETH address tier since early May where 131 new whale addresses have popped up on the network,” tweeted Santiment.
It is worth noting that on Thursday, just before the weekend, Ethereum holders got more clarity on the timeline of the long-anticipated merge. On a conference call, Ethereum lead developer Tim Beiko disclosed that the Ethereum mainnet migration to the Beacon chain is tentatively scheduled for September 19th.
The merge is the migration of the Ethereum network to the proof-of-stake consensus Beacon chain. Notably, the move is expected to cut down on the network’s carbon footprint and improve its overall scalability and throughput.
Meanwhile, veteran trader Peter Brandt gave Ethereum investors and holders a reason to be cautious despite the latest price surge. Brandt, sharing his chart, highlighted that the latest upswing was based on low volume and, as such, may not be sustainable. Notably, the analyst had also predicted the possible price surge on Friday.
“The upturn came on extremely light volume. I.E. the thrust was not based on aggressive buying from strong hands and is, therefore, questionable,” Brandt tweeted on Sunday.
It is worth noting that the crypto markets have shown significant resilience in the face of new record inflation numbers from the US last Wednesday. Bitcoin, BNB, XRP, SOL, and MATIC are up 4.50%, 10.95%, 12.12%, 17.23%, and 57.40%, respectively, in the last seven days.
It will be interesting to see how the market holds up this week as the EU, UK, Canada, and Japan are scheduled to release inflation data.
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Source: https://thecryptobasic.com/2022/07/18/ethereum-rallies-in-july-up-29-for-the-month-as-over-131-new-whales-appear/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-rallies-in-july-up-29-for-the-month-as-over-131-new-whales-appear