Ethereum Whales Accumulate More ETH as Price Hits New High
The price of Ethereum has surpassed the $3,100 mark, reaching a new 52-week high at $3,153. This milestone has sparked the interest of Ethereum whales, who are anticipating a significant jump in price and are consequently accumulating more ETH. There are several bullish catalysts driving this upward trend, including the upcoming Dencun upgrade, the Ethereum ETF, and positive market sentiments.
Amidst this bull run, we have identified three whale wallets that have been actively buying ETH:
- One Ethereum whale made a substantial purchase of 6,000 ETH worth $80.69 million from Kraken in the past week. The wallet address now holds a total balance of 26,380 ETH.
- Two new whale addresses collectively purchased 3,000 ETH valued at $9 million through Kraken.
These strategic purchases indicate a strong belief in Ethereumโs future prospects and highlight the aggressive positioning of these whales in the market.
Ethereum Whales Strategic Buy from Kraken
In a striking move, one Ethereum whale has acquired 6,000 ETH worth $80.69 million from Kraken in the last week. The wallet address now holds a total balance of 26,380 ETH worth $80.69 million. This significant investment demonstrates a strong belief in Ethereumโs future and highlights the whaleโs aggressive positioning in the market.
Not far behind, two new whale addresses have collectively purchased 3,000 ETH worth $9 million through Kraken. These purchases echo the confidence of larger players and suggest a growing consensus among top investors about Ethereumโs value.
ETH Price Enters Short Correction
Following a 4% jump to cross $3,100, the ETH price has experienced a 2.03% drop today. This drop threatens a reversal from the overhead resistance trendline and indicates a potential retest of the $3,000 level. However, with the upcoming Dencun upgrade and the overall bullish sentiment in the market, Ethereumโs momentum is unlikely to wane.
Grayscale Takes Pro-Dencun Stance
Grayscale has attributed Ethereumโs recent surge to the upcoming Dencun upgrade scheduled for March 13, 2024. This upgrade aims to enhance transaction efficiency and make Ethereum more competitive with faster networks like Solana. Despite Solanaโs impressive growth in 2023, Grayscale remains optimistic about Ethereum. They see potential in the Dencun upgrade, the possibility of an Ethereum ETF, and Ethereumโs deflationary supply and revenue generation.
Hot Take: Ethereum Whales Accumulate More ETH as Price Hits New High
The price of Ethereum has reached a new 52-week high, crossing the $3,100 barrier. This has attracted the attention of Ethereum whales who are accumulating more ETH in anticipation of a significant price jump. With multiple bullish catalysts such as the upcoming Dencun upgrade and positive market sentiments, Ethereumโs momentum is expected to continue. The strategic purchases made by these whales further reinforce confidence in Ethereumโs future prospects. However, there may be short-term corrections in price, but they are unlikely to hinder the overall upward trend. Overall, this is an exciting time for crypto enthusiasts as they witness Ethereumโs ongoing success.
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