Analysis: Whales "swallowed" $3 billion in ETH in a few weeks, and Ethereum may soon break through its all-time high
Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
Babbitt Information (ID: bitcoin8btc)
, compiled by: Kyle, published with permission.
On Jan. 15, the price of Ethereum (ETH) surged again by more than 9% on the daily chart, breaking above $1,200 in yet another attempt to breach its all-time high. At press time, ETH is trading around $1,200 with a market cap of $136 billion. The supply and liquidity of ETH is rapidly drying up as the price of ETH surges.
Cryptocurrency analyst Alex Saunders mentioned that ETH demand is growing rapidly. Citing data from CryptoQuant, he mentioned that the exchange’s ETH reserves fell by 20% in a matter of hours. Total exchange reserves dropped sharply from 10 million ETH to 8 million. If this pace continues, the ETH supply and liquidity on exchanges could quickly dry up within the next 48 hours.
“Transactions can drain ETH in 48 hours. Demand for ETH is skyrocketing. Exchange reserves have dropped 20% from 10 million ETH to 8 million in the last few hours. My target is $5,000 , $10k and $20k long-term targets, I doubt many HODLers will be selling their ETH in the $1-2k range.”
