Ethereum Remains Bullish Ahead of the London Upgrade. To note is that Ethereum has strong fundamentals in the form of the London Upgrade later this month.
This upgrade is meant to introduce the highly anticipated EIP-1559 aimed at reducing gas costs on the Ethereum network. Therefore, chances are that Ethereum continues to maintain a value above $2k at least till the upgrade is complete.
As with all altcoins, Ethereum’s fate in the crypto markets is tied to that of Bitcoin. As a result, ETH continuing to prosper in the crypto markets is hinged on Bitcoin at least recapturing the $38k resistance level or the 50-day moving average as support.
- Ethereum investors have resumed their pattern of moving ETH out of crypto exchanges
- The percent of Ethereum held on exchanges has dropped below 18%, its lowest since November 2018 and a 31 month low
- Roughly 971,616 Ethereum has left crypto exchanges in the last 30 days
- Over 6 million Ethereum worth $13 Billion is now locked on the ETH2.0 deposit contract
- Ethereum’s London Upgrade could sustain ETH’s value above $2k in the short term
The month of July has kicked off on a high note for Ethereum as investors and holders have resumed their pattern of moving ETH out of crypto exchanges. This is according to an analysis shared by the team at Santiment that also pointed out that the percent of Ethereum held on crypto exchanges, had dropped below 18% and was at its lowest since November 2018.
The team at Santiment shared their observation through the following statement and accompanying chart.
To kick off July, #Ethereum holders continued to make history by lowering the percent of $ETH held on exchanges to its lowest ratio since November, 2018. Dropping below 18% for the first time in 31 months lowers the risk of a future major selloff.
971,616 ETH Worth $2 Billion has Left Exchanges in the Last 30 Days
The flow of Ethereum out of crypto exchanges and into personal wallets and/or DeFi platforms has also been captured by data from the team at Viewbase.com. According to their analysis, 971,616 Ethereum worth over $2 Billion has left crypto exchanges in the last 30 days as highlighted in the following screenshot.
ETH2.0 Deposit Contract Now Holds Over 6 Million Ethereum
The Ethereum2.0 deposit contract has also been a destination of a good amount of ETH leaving crypto exchanges. At the time of writing, the ETH2.0 deposit contract now holds 6,077,66 Ethereum valued at approximately $13 Billion.
The continual increment of deposits to the Ethereum 2.0 contract has been visualized in the following chart courtesy of the team at CryptoQuant.com.