6,400 Ethereum Mystery Move Sparks ETH Rally Talk Pre-ETF Nod
12 Julio 2024 - 12:30PM
NEWSBTC
As more and more investors choose to keep their Ethereum assets
frozen rather than actively selling them, the Ethereum ecosystem
suddenly finds itself severely short of supplies. The
second-largest cryptocurrency in the world could face serious
challenges going forward depending on the planned behavior of
market players. Related Reading: Analyst Upbeat On USTC, Sees Price
Soaring Over 300% Ethereum Supply Tightens Up The first sign of
this supply gap came earlier this month when an unknown market
player moved a staggering 6,400 Ethereum to the Beacon Chain
depositor wallet. The Beacon Chain, which checks recently added
blocks to the network, is the basis of Ethereum 2.0 This big action
suggests that investors might be inclined to lock down their ETH
holdings instead of aggressive trading. 🚨 6,400 #ETH (20,015,930
USD) transferred from unknown wallet to Beacon
Depositorhttps://t.co/wrOSlw2LaR — Whale Alert (@whale_alert) July
11, 2024 According to cryptocurrency analysts, this is a blatant
sign that a lot of Ethereum users are optimistic about the
network’s long-term prospects. They are effectively removing a
sizeable chunk of the ETH supply from the market by locking up
their coins on the Beacon Chain, which might have a big impact on
the asset’s price dynamics. Following this trend, Glassnode data
shows that Ethereum 2.0 fresh deposits have recently grown. Key to
the next Ethereum 2.0 update, this measure monitors the number of
users staking at least 32 ETH to participate in the rewards system
on the network. The rising staking activity suggests that the
community is rather optimistic about the future of the Ethereum
ETF, which is fast approaching. Bullish Momentum Surge Ahead An
examination of Ethereum’s exchange inflow and outflow data provides
even more evidence in favor of the bullish story. Santiment claims
that the network’s exchange outflow has been greater than its
influx, which suggests a lessening of sell-side pressure. When ETH
is being taken from exchanges more than being deposited, buyers are
certainly in power. Together with the rising amount of locked-up
coins, this dynamic could provide the perfect environment for an
ETH price surge . Related Reading: $36 On The Crosshair: Injective
(INJ) Captures Analyst’s Attention The report also predicts that
Ethereum would be set to surpass Bitcoin in the fourth quarter of
2024, per normal altcoin market cycle pattern. This prediction
acquires further weight from the Bulls and Bears indicator from
IntoTheBlock, which now shows bullish against bearish dominance for
Ether. Market expert Benjamin Cowen believes Ethereum could reach
$3,300 in the next weeks or months and might possibly hit $3,500
should buying demand overcome selling pressure. Featured image from
Pexels, chart from TradingView
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