The price of Ethereum (ETH) shows signs of upward movement fueled by increased investor interest and whale behavior in the market. Current trends suggest a potential rally in the valuation of this cryptocurrency.
Whale Outflows and Supply Crunch
Over 46,000 ETH, valued at $126.5 million, was withdrawn from Kraken in the past 12 hours. One newly created wallet withdrew $69.9 million in ETH in less than 8 hours. These outflows indicate accumulation signals from investors. According to CryptoQuant, Ethereum's supply on centralized platforms has dropped to 18.9 million, one of the lowest levels since mid-2022.
Surge in ETF Inflows
Since the beginning of July, there has been a strong influx into Ethereum ETFs. According to SoSoValue, on July 9 alone, ETH products recorded $211 million in net inflows. This marks the eighth consecutive week of sustained buying of ETH by institutional investors.
Short Squeeze and Key Support Levels
According to @TedPillows, ETH has surpassed the $2,775 liquidation zone, leading to the closure of short positions and creating automatic buying pressure. This represents a classic short squeeze scenario, which could accelerate ETH prices above $3,000.
The analysis of current market conditions and activity from major investors suggests potential price growth for Ethereum. If it surpasses key resistance levels, it could pave the way for new records.
