ETH also filled a weekly CME gap, as analysts speculate that the altseason is just getting started.
It was less than five months ago when the second-largest cryptocurrency plunged to $1,400, erasing years of gains. The overall market situation was grim due to Trump’s tariff policy, but ETH seemed to be taking the correction the worst.
However, the landscape changed big time in the following months, as ether skyrocketed to almost $4,900 last Friday to mark a new all-time high – nearly four years after its previous peak.
Different types of investors continue to accumulate the token, ranging from smaller and retail to institutions, corporations, and whales. The ETFs are back in the green after a brief four-day hiatus, while even this Bitcoin OG swapped a big portion of their BTC holdings for spot and long ETH positions.
Ali Martinez provided more promising data for Ethereum’s short-term future, as investors using centralized crypto exchanges had pulled 200,000 ETH out of those platforms within just two days. Such withdrawals reduce the immediate selling pressure, which should, in theory, be bullish for the underlying asset if demand increases or even stays the same.
From a USD perspective, this amount is worth close to $1 billion, given ETH’s current price tag of almost $4,800.
The crypto market, being open 24/7, often performs faster than the traditional financial industry, and this leaves some weekend (or holiday) gaps for digital assets that trade on legacy platforms. Due to ETH’s surge in the past few weekends, it left a gap on the CME futures, and many analysts believe it had to be closed before the asset could resume its rally.
According to Rekt Capital, the weekly CME gap (in the green) has been filled and ETH has “reversed to the upside from it.”
Satoshi Flipper also weighed in on ETH’s recent performance, especially against the market leader. After observing the 3 Day ETH/BTC chart, the analyst concluded that the “eagle has landed,” as it’s shaping up for a “glorious” altcoin season.
