Despite the predictions of bear in the cryptocurrency/ETH market, it seems some investors see a bull run soon. The cryptocurrency market as a whole has been moving in a downtrend for the past few months.
Extreme fear, uncertainty, and doubt have been very high in the marketplace. Although, there was a bull rally on the 18th of July, which caused an upsurge in the market. The total capitalization of the crypto market increased to over $1trillion. However, after 24 hours, the rally seems to have ended abruptly with bear indications.
Increasing Whale Behavior on ETH
During the past few weeks, giant cryptocurrency Ethereum has recorded a huge drop and fluctuation in market price. The coin witnessed an upsurge on the 18th of July by approximately 11%, increasing the price to over $1500. After the rally, the coin began to indicate a downtrend.
However, despite the bearish predictions and speculations from crypto experts, holders and investors seem to be seeing a bull run. Investors are ready for an upcoming upsurge in the ETH market price soon. The purchase of ETH futures has been on a high for the past few days.
A crypto platform, Crypto Quant, revealed earlier that within an hour, a large ETH investor bought the cryptocurrency future worth $1.7 billion. Analysis from the past seven months revealed the ETH contract purchase was the largest volume acquired in one hour.
This whale volume has triggered a mixed reaction from crypto analysts, traders, and platforms. The high whale action on the ETH may be a bullish signal. ETH may be gathering momentum at the moment for a thrilling bull run that may continue for the rest of the year.
Analytics from the past seven days shows whale action on Ethereum has increased by approximately 47%. According to reports, the whale and holding action kickstarted in June, escalating over time, now on the highs.
The coin is currently trading, moving, and fluctuating around the $1,500 market price zone. The price movement is considered an astronomical gain in both giant cryptocurrencies, ETH and BTC.
Merge Upgrade Effect on Ethereum Whale and Market Price
The upcoming merge update and transition to a POS (proof-of-stake) on the Ethereum network are also believed to be catalysts for the coin bull run. ETH will be moved from proof-of-work to proof-of-stake network and protocol via a complex multi-step process.
This update is to make transactions easier, secure, and less complex. Once implemented as scheduled for September 2022, the ETH network will be faster, reliable, scalable, and sustainable.
The merge and transition are expected to cause a reclamation in the cryptocurrency market. Before the year runs out, this may upsurge the market price to over $1800. Due to the upcoming protocol transition, miners will likely avoid ETH until the successful network change.