Ethereum (ETH) price made another attempt to surpass its all-time high and saw a 9% increase in daily charts to surpass the $ 1,200 levels.
Ethereum has recovered significantly after falling to $ 900 earlier in the week. At the time of writing, ETH is trading at $ 1,214 with a market value of $ 136 billion. As the ETH price rises, the supply and liquidity of ETH in exchanges decrease very rapidly.
Crypto analyst Alex Saunders stated that the demand for ETH is growing quite rapidly. Alex said, based on data from CryptoQuant, ETH stock exchange reserves fell by 20% within a few hours. The total stock market reserves fell sharply from $ 10 million to $ 8 million. If it continues at this rate, there may be no additional ETH coins left in the exchanges only within the next 48 hours.
In such a case, there could be a wild rally in the ETH price, possibly going above $ 1500. Another crypto analyst Lark Davis stated that ETH whales have been raising large numbers of coins in the past few weeks. The whales have bought about $ 3 billion worth of ETH, which accounts for about 20% of the stock market supply.
It is clear that the whales are preparing for the rally and this time trying to raise ETH to an all-time high. ETH price has already gained more than 60% to date. Glassnode data shows that ETH supply on exchanges has been at the lowest level since July 2018. Also, only 7% of the circulating ETH supply is currently on exchanges. In addition, according to Glassnode data, ETH Addresses holding more than 10,000 coins reached the highest level of 1 year.