tl;dr
Ethereum (ETH) has surged 54% in the past month, reaching $3,800, with recent whale activity suggesting further short-term gains. Large investors holding 10,000 to 100,000 ETH have acquired over 220,000 coins recently, controlling 23.5% of circulating supply, reducing market availability and potenti...
Ethereum (ETH) has maintained its stature as one of the top-performing cryptocurrencies over the past month, with a remarkable 54% price surge, reaching $3,800. Despite no significant gains in the last 24 hours, recent whale activity indicates a potential for further price appreciation in the short term. Large investors holding between 10,000 and 100,000 ETH have acquired over 220,000 coins in the past 48 hours, amounting to just under $850 million. This group now controls nearly 28.4 million ETH, equivalent to 23.5% of the circulating supply, reducing the number of tokens available on the market and potentially driving the price higher due to sustained demand.
The accumulation by these whales may also encourage smaller investors to inject new capital into the Ethereum ecosystem. Market commentators like Ali Martinez anticipate a significant breakout once ETH surpasses the $4,100 threshold. Similarly, Michael van de Poppe noted the absence of an expected correction and projects a run-up toward the $4,100 peak, followed by some consolidation before further gains.
More bullish indicators are present as well. Ethereum withdrawals from centralized exchanges have exceeded one million ETH in the past month, lowering immediate selling pressure. The total ETH held on exchanges has dropped to about 19 million, the lowest level in nearly a decade. Additionally, spot ETH ETFs have drawn roughly $5 billion in investor capital over 17 days, reflecting strong market interest. The last recorded outflow from these ETFs was on July 2, underscoring consistent investment inflows.
Taken together, these factors paint a picture of a healthy, growing Ethereum market poised for potential upward movement, driven both by large-scale holders and ongoing institutional interest. Investors are watching closely to see if ETH can break through key resistance levels and continue its bullish trajectory.