Data provided by Santiment shows that 131 new whales have joined the network as Ethereum has rallied over 30% since last week. It looks like whales will be chasing Ethereum instead of Bitcoin or SHIB for a while.
131 new whales join Ethereum’s rally
Alongside Ethereum’s price surge in July, on-chain analytics company Santiment reveals that 131 whales have been added to the Ethereum network in recent weeks. As a result, the number of investors holding between 1,000 and 100,000 ETH has increased significantly. According to a recent tweet from Santiment:
Ethereum recovered quite well in July. It gained 29% in July alone and 14% in the last 24 hours. Additionally, there has been a huge increase in addresses holding key 1,000 to 100,000 ETH since the beginning of May, when 131 new whale addresses appeared on the network.
#Ethereum markets have rallied strongly off the back of a large short squeeze in futures markets.
Over $98M in short futures positions were liquidated in one hour, pushing $ETH prices up by 12.5%.
Live Chart: https://t.co/r1epiXPddP pic.twitter.com/Pcz2XWKfPJ
— glassnode (@glassnode) July 16, 2022
Ethereum (ETH) is currently one of the most appreciated altcoins since last week. He is supporting his gain of more than 30 percent with +12% in the last 24 hours. Ethereum Merge, scheduled for September 19, is one of the driving forces behind the leading altcoin. Glassnode data shows that Ethereum benefits from a number of catalysts other than “Merge”.
Ethereum benefits from short squeeze, surpasses SHIB and Bitcoin
According to Glassnode, a significant short squeeze in the futures markets led to a rally in Ethereum. On July 17, nearly $98 million worth of shorts were recommended in about an hour. The analytics firm claims that this squeeze increased the price of ETH by 12.5%.
Ethereum also outperforms Bitcoin. ETH price significantly outperformed Bitcoin compared to the previous week. Over the same period, Bitcoin saw a significant growth of 30%, while Bitcoin rose only 8.35%. Additionally, the ETH/BTC pair has reached its highest point since the end of May.
As seen in the chart above, Ethereum has recorded 4 consecutive years of candles on the daily chart. It broke the $1,334 (MA 50) resistance with strong buyers at $1,005 on July 14. On July 18, Ethereum hit an intraday high of $1,497 as a continuation of the bullish market action. As the network continues to prepare for the merge, Ethereum’s ninth test phase (Shadow) was released last week. Shadow hard fork is working on Ethereum mainnet coming later this year. The third and final testnet merge, Goerli, will take place in the coming months.
Meanwhile, Ethereum price is using a double bottom formation as it tests the $1,500 resistance. cryptocoin.comIn this article, we have presented the critical levels indicated by the formation.
