Bitcoin and Ethereum have shown a strong upside over the last weekend. A strong weekly closing can result in a further price rally ahead this week.
Over the last week, the top two cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH) – showed strong moves pumping mostly in the last weekend.
Bitcoin and Ethereum Price Movements
As of press time, Bitcoin is trading at $21,266 levels while Ethereum (ETH) traded above $1,400 levels. The recent BTC price pump comes largely on the backdrop of retail-driven thin liquidity. On the other hand, institutions have remained largely out of the picture.
In the past, Bitcoin has given such “fakeout” moves during the weekend. This time too, there’s no strong catalyst behind the recent price pump. Market analysts aren’t quite excited about the recent move. Popular market trader @Rage wrote:
“Weekend pumps typically are not to be trusted Let’s see how this one holds going into the weekly close tomorrow”.
Similarly, popular analyst Rekt Capital added:
“Typical #BTC Bear Market bottoms tend to take months to develop before a new macro uptrend begins. $BTC has been meandering at current prices for only a few weeks. History suggests it is too premature to expect a full-blown macro trend reversal so soon”.
On the other hand, exchange inflows suggest that traders are looking to exit the market. Over the last weekend, crypto exchange Binance witnessed heightened inflows. On Sunday, July 17, on-chain analytics platform CryptoQuant showed that inflows on crypto exchanges totaled 17,500 BTC, the most in a single day since June 22. This could likely put selling pressure on BTC once again. If BTC manages to register a weekly close above $21,300, this would be the second consecutive “green” weekly close.
ETH Price Shoots Past $1,400
Ethereum (ETH) has been one of the top performers with its price crossing $1,400 levels. The ETH price has gained 40% from the weekly low. As of press time, ETH is trading 5.53% up at a price of $1,427.
The latest price euphoria comes as developers announced that Ethereum will implement The Merge upgrade on its mainnet in the week of September 19. The news has brought renewed confidence among Ethereum supporters. Furthermore, on-chain data provider Santiment notes that the whale buying activity for ETH has shot up. There are more than 130 $100K addresses added on Ethereum since May 2022.
🐳 #Ethereum has recovered quite well in July, up +29% for the month and +14% alone in the past 24 hours. Additionally, there's an increase in the key 1k to 100k $ETH address tier since early May where 131 new whale addresses have popped up on the network. https://t.co/uGfRQ4dEls pic.twitter.com/ri8MhGIP0o
— Santiment (@santimentfeed) July 17, 2022
If ETH closes above $1,400 levels, this would open the doors for $1,700 and further for $2,000.
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