Ethereum Continues to Gain Momentum, Whales Accumulate
The price of Ethereum (ETH), the second-largest cryptocurrency in the world, has shown resilience in the face of market selling. In the past 24 hours, Ethereum has gained 2.5% and is currently trading at $3,109. Trading volumes have also increased by 10% to $13.3 billion, with weekly gains extending over 7%. This positive performance is attributed to significant accumulation by whale investors and anticipation for the upcoming Ethereum Dencun upgrade.
Ethereum Whales Accumulate
Whale investors in Ethereum have been actively accumulating the cryptocurrency, as indicated by significant transactions and withdrawals from exchanges. Notable activities include:
- An address with the code 0x8B94 withdrew a substantial amount of 14,632 ETH worth approximately $45.5 million from Binance exchange and staked it within the past six days.
- Two newly identified whale wallets withdrew a total of 6,000 ETH, equivalent to $18.7 million, from Kraken exchange within the past two days.
These withdrawals suggest that whale investors have confidence in Ethereum’s future performance and are willing to hold onto their assets rather than trade them.
Ethereum Dencun Upgrade Anticipation
Market analysts are closely monitoring the launch of the Ethereum Dencun upgrade scheduled for March. This upgrade aims to revolutionize Ethereum’s functionality and strengthen its position in the market. Key features of the upgrade include:
- Proto-danksharding: This feature addresses crucial issues like transaction fees and network throughput, enhancing Ethereum’s utility and competitiveness.
- Data blobs: This feature aims to improve Ethereum’s scalability and efficiency by optimizing data storage and retrieval.
The Ethereum Denver 2024 event, taking place on February 28-29, is expected to bring further announcements related to the Dencun upgrade.
ETH Price Gearing for $3,500 and Above
Despite the consolidation in the broader crypto market, the Ethereum price continues to show strength and is gearing up for a rally to $3,500. The price of Ethereum remained relatively stable between $3,030 and $2,875 last week, providing an opportunity for the cryptocurrency to regain strength.
Key factors supporting Ethereum’s upward movement include:
- Ether outperforming Bitcoin in 2024: The ETH/BTC pair has surpassed a critical resistance level at 0.06 BTC, indicating potential for further upward movement.
- Bullish price targets: Analysts have given bullish price targets for Ethereum, with some predicting a conservative target of $10,000 and an optimistic target of $13,000-$15,000.
The breakout in the ETH/BTC pair and positive sentiment from analysts suggest that Ethereum has strong momentum and could continue its upward trajectory.
Hot Take: Ethereum’s Rise Continues
Ethereum’s recent performance and accumulation by whale investors indicate a positive outlook for the cryptocurrency. With the upcoming Dencun upgrade and positive market sentiment, Ethereum has the potential to reach new highs. As an investor or enthusiast, it is important to stay informed about these developments and monitor the market closely.
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