Ethereum (ETH) accumulation among big whales surges as ETH price hits $3k
On-chain data showed that the accumulation of ETH coins is surging rapidly among the big crypto investors and also some big factors are supporting big rally predictions for this second top market cap crypto asset.
The current trade price of Ethereum (ETH), the first-ranked smart contract-enabled crypto network, is $2,930 & this trade price is 2.2% down over the last 24 hours of the period.
Notebely the trade price of ETH coin surged nearly 41% in the last 3 months, as a part of bull sentiments in the crypto market.
In the last 7 days, the inflow of money in the Ethereum market surged rapidly because many Crypto whales purchased ETH in big amounts.
On 21 Feb 2024, a giant crypto whale purchased 13,526 $ETH ($39.85M) at ~$2,947. In the last three days, this whale has bought 64,501 $ETH.
This surging demand for ETH coins is because the Ethereum blockchain will go through Dencun Upgrade in March of this year. With this upgrade, the Ethereum devs will be able to enhance the network’s efficiency, scalability, and security.
It is worth it to note that a decent number of ETH spot ETF products are on the table of the United States Securities and Exchange Commission (SEC).
Some ETF experts believe it will be approved in May of this year. However, some people believe that there are very rare chances for approval because the nature of the ETH coin is not very clear under the purview of the different financial regulators in the US.
Read also: Polygon (Matic) jumps against Worldcoin (Coin) competition with the launch of Humanity Protocol
