Ethereum (ETH) accumulation among big whales surges as ETH price reaches $3,000.
On-chain data shows that accumulation of ETH coins is surging rapidly among large cryptocurrency investors, and some big factors appear to be supporting predictions of a big rally for this second-highest market capitalization cryptocurrency asset.
The current trading price of Ethereum (ETH), the No. 1 smart contract-backed cryptocurrency network, is $2,930, which is down 2.2% over the last 24 hours of the period.
Notably, as part of the bullish sentiment in the cryptocurrency market, the trading price of ETH coin has surged nearly 41% over the past three months.
Over the past seven days, there has been a surge in inflows into the Ethereum market, with many cryptocurrency whales purchasing ETH in large quantities.
On February 21, 2024, the giant cryptocurrency whale purchased 13,526 $ETH ($39.85M) at ~$2,947. Over the past three days, this whale has purchased 64,501 $ETH.
This surge in demand for ETH coins is because the Ethereum blockchain underwent the Dencun upgrade in March of this year. This upgrade will allow Ethereum developers to improve the efficiency, scalability, and security of the network.
It is worth noting that a significant number of ETH spot ETF products are on the tables of the U.S. Securities and Exchange Commission (SEC).
Some ETF experts believe it will be approved in May of this year. However, some believe that the chances of approval are very slim as the nature of ETH coins under the authority of various financial regulators in the United States is unclear.
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