Ethereum price today is regaining strength, showing signs of a potential breakout of $3,000 in July amid renewed momentum in ETF activity and growing on-chain activity. Institutional and whale accumulation were recorded in the last few days.
Matrixport Moves $80 Million in ETH from Crypto Exchanges
A wallet possibly linked to crypto research firm Matrixport withdrew 35,734 ETH in total from Binance and OKX crypto exchanges, according to data by Lookonchain on July 3. The ETH move was worth nearly $80 million.
At the time of writing, the wallet held 424.738 ETH worth $1.1 million. This indicates the ETH was transferred to different wallets, likely to other Matrixport wallets, as per Arkham data.
However, it indicates the buying activity in ETH as the Ethereum price holds above the key support level.
SharpLink Gaming continued to increase its ETH holdings despite selling by some long-term investors. On Wednesday, the company acquired 198,167 ETH worth $517 million at an average price of $2,608.
Today, SharpLink Gaming bought 2,738 ETH worth $7.09 million via over-the-counter (OTC) markets. The company staked these ETH into LSETH. The wallet held LSETH worth more than $463 million.
Ethereum On-Chain Signals Bullish Sentiment
According to a CryptoQuant on-chain analysis showed that on-chain data fully supports the Ethereum price rally.
Although prices have not reached expected levels due to the constant manipulation by market makers.
Accumulation addresses broke a historic record in June, reaching 22.7465 million ETH. In addition, these addresses also set a record for purchases in a single month, accumulating an impressive 6.0184M ETH throughout June.
The realized price of these ETH accumulation addresses, which is their average acquisition cost, was $2,114.70 as of July 1. With ETH trading above $2,600, this gives them a current profit of almost 23% as of July 2.
Moreover, staking activity grew significantly in June, from 34.546084M ETH to 35.526482M ETH by June 30. This represents an increase of nearly one million ETH in just one month, setting a monthly staking record in Ethereum, with a growth of 2.83%.
Most accumulation addresses belonged to institutional investors, ETFs, and large holders. Lido and Binance ETH Staking benefited the most from liquid staking.
However, the Ethereum price hasn’t rallied much despite institutional investors continuing to accumulate and lock tokens at record levels. This signals the market could likely gear up for a significant upward move in ETH.
Analyst Predicts Ethereum Price Rally to $3,000
ETH price had jumped 6% over the previous day and was trading at $2,600. The 24-hour low and high were $2,432 and $2,616, respectively.
Furthermore, the trading volume increased by a massive 80% in the last 24 hours, indicating a rise in interest among traders.
In the daily timeframe, the price recovered above the 50-SMA, 100-SMA, and 200-SMA after the recent upside momentum. Whereas, the Relative Strength Index (RSI) climbed to 56, signaling potential for a further upside move.
Analyst Michael van de Poppe mentioned that the Ethereum price broke through the resistance. He said, “That’s a very strong signal and I’d love to see it hold.”
It’s outperforming Bitcoin on the recent move, and the entire ecosystem is doing extremely well. If this holds, the analyst thinks we’ll see $3,000 next.
CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total ETH futures open interest jumped 8% to $34.37 billion in the last 24 hours.
ETH futures OI on CME and Binance climbed more than 12% and 10%, respectively. This signals bullish sentiment among derivatives traders.
