Ethereum in July: +35% and 131 new whales – Should you buy ETH?

Ethereum starts strong this 3rd week of July

Santiment Feed said in a tweet on Sunday that Ethereum was up over 29% in July alone, as over 131 new whales appeared on the network after a huge accumulation since May.

With Monday’s performance, gains in July are increased to 35%. ETH gained 7% before markets opened in Europe.

🐳 #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.

The whales in question are new addresses with 1,000 to 100,000 ETH.

Ethereum investors have received new information on the timing of The Mergejust before the weekend.

Tim Beiko, a lead Ethereum developer, said in a conference call that the transfer of the Ethereum mainnet to the Beacon chain is tentatively scheduled for September 19.

The transition of the Ethereum network to the proof-of-stake consensus of the Beacon chain is called The Merge. This change should in particular make it possible to reduce thecarbon footprint of the network and improve its competitiveness and scalability.

An increase under low volumes!

The upturn came on extremely light volume. IE the thrust was not based on aggressive buying from strong hands and is, therefore, questionable

Veteran trader Peter Brandt has warned Ethereum holders and investors despite the recent price rally. The technical analyst pointed out in his chart that the most recent rise was based on low volumes and may not last.

Read also 3 cryptocurrencies ready to soar in the event of a market rebound: Avalanche, Chainlink & Ethereum

“The rise occurred at a very low volume. To put it another way, the surge was not backed by strong buying from strong hands and is therefore doubtful”Brandt tweeted on Sunday.

It is important to note that despite the new record inflation figures released last Wednesday in the United States, cryptocurrency markets have shown notable resilience. Over the past seven days, major cryptos have appreciated. Bitcoin gained just under 10%.

It will be interesting to watch how the market performs this week as inflation data is expected to be released from the EU, UK, Canada and Japan.

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