In a tweet on July 17, Santiment Feed showed that decentralized finance (DeFi) king Ethereum had rallied more than 29% in July alone and 14% in the past 24 hours as around 131 new whales showed up with extensive accumulation since May.
“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.”
🐳 #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
Notably, just before the weekend on Thursday, Ethereum holders got some clarity on the timeline of the much-awaited merge. During a conference call, Ethereum lead developer Tim Beiko said that the Ethereum mainnet migration to the Beacon Chain is cautiously scheduled for September 19.
The merge is the migration of the Ethereum network to the proof-of-stake consensus Beacon chain. Interestingly, the move is expected to reduce the network’s carbon footprint and enhance its general scalability and throughput.
In the meantime, experienced trader Peter Brandt gave Ethereum investors and holders a reason to remain highly cautious despite the most recent price surge. Brandt, while sharing his chart, highlighted that the latest upswing in the ETH market was based on low volume and, thus, might not be sustainable. The analyst had also predicted the possible price surge on July 15.
Brandt tweeted on Sunday:
“The upturn came on extremely light volume. I.E. the thrust was not based on aggressive buying from strong hands and is, therefore, questionable.”
The crypto markets have shown considerable resilience in the face of new record inflation numbers from the United States on July 13. In the past seven days, XRP, MATIC, Bitcoin, SOL, and BNB are up 12.12%, 57.40%, 4.50%, 17.23%, and 10.95% respectively.
It will be interesting to see how the market will hold up this week as the UK, EU, Japan, and Canada are scheduled to release inflation data.