1,000,000 ETH of the past month – what’s going on?

Cryptocurrency analyst Ali Martinez (known as @Ali_Charts on the X social media platform) shares recent chain data, demonstrating an astonishing cumulative movement of nearly 1,000,000 ETH coins over the past 30 days.

Nearly 1,000,000 ETH absorbed by whales

The GlassNode chart shared by Ali in his tweet shows the overall ETH supply being saved by centralized Crypto exchanges. According to it, from April 6th to the present, this overall Ethereum volume has seen a dramatic decline from 18,015,519 ETH to 17,097,203.

Therefore, nearly one million coins were withdrawn from the exchange. These withdrawals saw Ethereum prices gradually rise from $1,579, trading sideways for almost a month, and rose to $2,679 on May 13th.

Whales have accumulated Ethereum for the past month. They include the Spot Ethereum ETF. On May 14th, Franklin Ethereum ETF saw an influx of 1,139 ETH. The Investco Galaxy Ethereum ETF scooped the 866 ETH. However, other ETFs only faced outflows or zero inflows. The biggest loss was caused by the grayscale Ethereum Trust ETF as he lost 3,983 ETH on Wednesday.

Does the Ethereum Bull run to get steam?

Ali also released a three-day Ethereum chart yesterday showing that Ethereum has been closed beyond the SMA for 200 periods. The ETH move, he says, has sparked major Ethereum price rallies in the past. So he expects a bull run from the $2,700 level that ETH traded on Wednesday.

Now Ethereum is rebounding 6.33%, changing hands at $2,533 per coin. Major analyst Michael Van de Poppe commented on the revision in a recent tweet. Analysts have published a “calm reminder” to the global Crypto community about the previous market bottom that hit Ethereum in September 2019, which fell below $200 in September 2019. He then said a bull market that lasted for 826 days began.

He believes that ETH is likely to have run out of it a few weeks ago. He doesn’t think Ethereum will come at the end of the current Bull Run within the next few weeks, but rather, it will last much longer. “It’s just 21 days behind us.