ETH surged 60% in July, can it continue in August?
First, let's look at the buying and selling situation. CEX saw an outflow of 1.1 million ETH, with a monthly loss rate of 5%. Similar to June's BTC, when CEX reserves decreased, the price didn't rise significantly, but in July it reached a new high. The reasoning is that reduced CEX withdrawals provide liquidity and build momentum for a price increase.
Regarding ETH, in July, there was a significant accumulation by whales holding over a million, and during pullbacks, CEX trading volume did not increase, and reserves continued to decrease, indicating that a large number of chips are being locked away, and CEX does not reflect the true supply and demand price of ETH.
