Ethereum (ETH) price has once again surged 9% on daily charts moving past $1200 levels in another attempt to move past its all-time high. At press time, ETH is trading at $1214 with a market cap of $136 billion. As ETH price surges forward, the ETH supply and liquidity at exchanges is drying up very fast.
Crypto analyst Alex Saunders mentions that ETH demand has shot up pretty fast. Citing data from CryptoQuant, Alex mentions that the ETH exchange reserves have collapsed by 20% in a matter of a few hours. The total exchange reserves have dropped sharply from $10M to $8M. If it continues at this rate, exchanges could be out of additional ETH coins in just a matter of the next 48 hours.
In such a case, there will possibly be a wild rally in the ETH price taking it above $1500 and even up to $200 and beyond. Another crypto analyst Lark Davis states that ETH whales have been gobbling the coins in large numbers over the last few weeks, just as CoinGape reported
. The whales have purchased nearly $3 billion worth of ETH which is nearly 20% of the exchange supply.
It is clear that the big fishes are preparing for the next leg of the rally, this time taking ETH to a new all-time high. The ETH price has already surged more than 60% year-to-date. The Glassnode metrics show that the ETH supply at the exchanges is the lowest since July 2018. Furthermore, only 7% of the circulating ETH supply is currently on the exchanges. Also, as per Glassnode data, the ETH Addresses holding more than 10,000+ coins has reached a new 1-year high.
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