Crypto News

Ethereum ($ETH) Marks Noteworthy Surge Towards Yearly High Amidst Positive Whale Activity

In a surprising turn of events, Ethereum ($ETH) has experienced a substantial surge today, delighting the Ethereum community with a notable 4% increase (currently at $2,104). As the cryptocurrency inches closer to its previous yearly high at $2,137, speculations are rife among market analysts, enthusiasts, and investors regarding the driving forces behind this unexpected uptick.

Earlier revelations from Lookonchain shed light on a significant player in the Ethereum space—a colossal whale who had previously borrowed 4 million $DAI and utilized 12 million $USDC to acquire $ETH. In a recent move, this influential whale borrowed an additional 2 million $DAI to purchase 953 $ETH at $2,098. Since September 19, this whale has strategically amassed 40,858 $ETH (equivalent to $74.8 million) from both Binance and decentralized exchanges, maintaining an average buying price of approximately $1,831.

Exchange Wallets Hits A 6-month Low At 8.03 Million $ETH

Insights from the market intelligence platform Santiment further contribute to the positive sentiment surrounding Ethereum. Notably, the largest #Ethereum wallets are exhibiting an encouraging trend, with exchange wallets hitting a 6-month low at 8.03 million $ETH. Concurrently, non-exchange wallets have reached an all-time high, standing at 41.03 million $ETH—an unprecedented milestone. This shift signifies a growing inclination towards long-term holding, fueling anticipation for a more bullish trend on the Ethereum Blockchain.

Michael Van De Poppe, CEO & Founder of MN Trading, adds to the optimism by highlighting the Ethereum Spot ETF filing by Fidelity. He sees this as confirmation of his thesis that, following Bitcoin’s spotlight, Ethereum is poised to surge to $3,500 in the first quarter of 2024.

The unexpected rise in Ethereum’s value and the positive patterns exhibited by major wallets set the stage for an intriguing period for the Ethereum community. As stakeholders closely monitor these developments, the cryptocurrency landscape remains dynamic and full of potential surprises.

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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