Ethereum Surges To $2,345 Amid Growing Network Activity And Investor Confidence

For the first time since its decline started on January 22, Ethereum’s value has reached $2,345.

The network is expanding and adding active addresses at a commendable rate. A growing $ETH market cap is mostly justified by increased utility.

📈 #Ethereum has returned to a $2,345 value for the first time since its fall began on January 22nd. The network is encouragingly rising in active addresses and network growth. Increased utility is a primary pillar to justify an increasing $ETH market cap. https://t.co/nyXkLceYDX pic.twitter.com/i9N9yaggB5

— Santiment (@santimentfeed) January 30, 2024

According to Santiment data, 101k new Ethereum addresses are being generated per day; 484k unique addresses interact on the Ethereum network per day, indicating a significant growth, even as Whales continue to accumulate more $ETH.

Whales Dump PEPE To Buy Ethereum

Spotonchain’s recent onchain report reveals that a Whale 0xedc dumped 1.731T $PEPE ($1.74M) for 742.6 $ETH at $0.0₅1004 in the past hours. 

Whale 0xedc just dumped 1.731T $PEPE ($1.74M) for 742.6 $ETH at ~$0.0₅1004 in the past hour.

Notably, the whale bought those $PEPE at only ~$0.0₆5406 ($936K) in Apr and May 2023.

The whale realized $802.5K (+85.7%) in profit after the sales.

Follow @spotonchain now and check… pic.twitter.com/0L4xyrySog

— Spot On Chain (@spotonchain) January 31, 2024

Notably, the whale bought those $PEPE at only $0.0₆5406 ($936K) in Apr and May 2023. The whale realized $802.5K (+85.7%) in profit after the sales.

Executive Kendrick of Standard Chartered anticipates that the SEC will allow a spot Ethereum ETF on May 23. He adds that ETH may aim for $4,000 if it replicates Bitcoin’s pre-approval behavior.

Standard Chartered executive Kendrick expects the SEC to approve a spot Ethereum ETF on May 23, saying that if ETH mimics BTC’s pre-approval performance, it could potentially target $4,000. The main reason is that the SEC has not classified ETH as a security and futures ETFs have…

— Wu Blockchain (@WuBlockchain) January 31, 2024

The primary cause is that futures ETFs have been permitted and the SEC has not categorized ETH as a security.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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