Crypto News

Ethereum Surges To $2,800 Amidst Bullish Sentiment

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced a remarkable surge, reaching $2,800 for the first time since May 2022.

This notable increase of 24% since February 1, 2024, underscores renewed optimism among analysts and investors regarding the digital currency’s potential.

According to insights from Lookonchain, significant whale activity has been observed in the Ethereum market. A whale has strategically accumulated 69.5K ETH ($179 million) across platforms such as Binance, Bybit, Bitfinex, and OKEx since the beginning of February.

Continuous Whale’s Accumulation Of Ethereum ETH Spells Strong Hodl Vibes

Moreover, another whale, expressing strong bullish sentiment towards Ethereum, exchanged 425 WBTC ($21.9 million) for 7,918 ETH at a rate of 0.05373, indicating a preference for ETH over WBTC in their portfolio.

Conversely, recent outflows from an institutional investor, who established a substantial ETH position in 2016, saw the deposit of 8,600 ETH to Coinbase, amounting to US$24.2 million. 

With the initial cost of ETH for this address estimated at $12.83 million, potential profits from selling all holdings could amount to $23.87 million. Over the past month, this investor, known as the Giant Whale, has deposited a total of 21,800 ETH to the exchange, valued at $55.67 million, and currently holds 29,818 ETH.

These whale activities highlight the growing confidence in Ethereum’s future trajectory, with investors strategically positioning themselves to capitalize on the upward momentum of the cryptocurrency. 

As Ethereum continues to showcase resilience and garner investor interest, the broader cryptocurrency market eagerly anticipates further developments and price movements in the coming days.

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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