The cryptocurrency market spent the weekend in a spring mood. While the leading crypto Bitcoin (BTC) climbed above $ 21 thousand, it also dragged altcoins after it. Leading altcoin Ethereum (ETH), on the other hand, had one of the best rallies in recent times, gaining over 15% on a weekly basis. However, an analyst we know with his accurate Bitcoin predictions sees something suspicious in this rally.
Peter Brandt: The sharp rise in the price of the leading altcoin is suspicious!
Analyst Peter Brandt, who makes accurate predictions that can be called a Bitcoin prophet, talked about Ethereum’s latest rally in a tweet thread today. The successful analyst threw cold water, claiming that this rally was ‘suspicious’. Peter Brandt made the following assessment, accompanied by a graphic in his Twitter post:
It will be interesting to watch the transformation. But for now, this is the ETH we have. The Ascension came at an extremely light volume. The driving force was not based on aggressive buying from strong hands. Therefore, it should be questioned.
Will be interesting to monitor the morphing, but for right now this is what we have $ETH pic.twitter.com/TthuW888yj
— Peter Brandt (@PeterLBrandt) July 17, 2022
The senior trader and analyst notes that the latest rise came in “extremely light volume.” According to experts, this suggests that Saturday’s rally is most likely a flash in the pan. Otherwise, the increase should have been based on aggressive buying from strong hands, according to Brandt.
Ethereum price performance
As you follow on Kriptokoin.com, the leading altcoin managed to break above the $1,400 level for the first time in more than a month. Ethereum far outperformed Bitcoin, with the ETH/BTC pair hitting its highest level since late May.
At press time, the leading crypto Bitcoin has dropped 1.7% in the last 24 hours, slipping below $21. However, Ethereum was trading at $1,338, down 0.73%. Also, the leading altcoin is up about 15% on a weekly basis. On the other hand, it is 72.68% away from its all-time high of $4.9k, which it saw about 8 months ahead.
ETH whales return to the market with the rally
Leading altcoin Ethereum faced whale interest after announcing the date for The Merge. As an indication of this, ETH has made a significant comeback in its market. Ethereum is now moving from the Proof-of-Work (PoW) consensus to Proof-of-Work (PoS). This long-awaited transition also increases investor interest in altcoin.
Meanwhile, ETH has gained 30% since the beginning of this month. In addition, the whale has seen a notable increase in the number of addresses. According to Santiment, 131 new wallets have appeared on the network. Hence, the increasing number of whales indicates that investors are buying back the altcoin.
https://twitter.com/santimentfeed/status/1548565600859226112
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