Ethereum

Ethereum May Stand Strong Above $1200 for a Longer-time Aiming to Hit $1500 Very soon!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 8, 2022

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Ethereum price underwent a parabolic recovery after it dropped below $1200 during the last week of June to regain these levels. Moreover, ever since the beginning of Q3 trade, the second-largest crypto has gained immense bullish momentum that has uplifted the price from the $1000 support zone. 

With the recent price action, the traders are constantly accumulating ETH displaying immense confidence in the upcoming rally. As per the recent data from Glassnode, the addresses with non-zero addresses have reached their peak of 85,595,439. 

On the other hand, the wallets holding more than 0.01ETH also reached the ATH with the address count of 23,432,551 addresses. Considering both the data, it can be analysed that the demand among the investors has been rising steadily. 

Conversely, a huge number of ETH were poured into the exchanges during the previous day’s trade. As per the data from Santiment, an inflow of 220,000 ETH was recorded which is said to be the highest since August 2021. 

Therefore, it may be said that some large positions have been extracting profits quite often, while the small traders keep

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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