Ethereum (ETH) is more pronounced than Bitcoin (BTC) these days. At this point, institutions are rapidly switching from Bitcoin to ETH, making millions of dollars coming in one after another.
This suggests that Ethereum is gaining bullish momentum amid increasing institutional influx.
A study from cryptocurrency market analytics firm 10x shows strong bullish momentum, pointing out in a new analysis that Ethereum is currently trading above both the seven-day and 30-day moving averages.
ETH rose 3.6% last week, with ETF inflows driven by $148.5 million. BlackRock's Spot Eth ETF Etha remains a market leader with $4.6 billion assets (AUM) under its control.
In other news, Bitmine Immersion Technologies raised $250 million to implement its ETH-based financial strategy, while Sharplink Gaming recently purchased $22.8 million worth of ETH.
Apart from the 10x research, GlassNode has also published an Ethereum analysis. At this point, GlassNode said that the ETH could reach $3.4,000 by August due to the aggressive whale purchase and current circumstances.
GlassNode hopes that a strong buying frenzy from Ethereum whales will push ETH prices higher, data shows.
At this point, the total amount of ETH held by whales carrying at least 10,000 ETH increased by 9.31% from 37.56 million in October last year to 41.06 million on July 7th. These figures show that the pace of accumulation has almost doubled for the September-September period 2022.
At this point, analysts noted in particular that the whales made similar aggressive purchases between November 2020 and January 2021.
*This is not investment advice.
