Ethereum Breach Of $2,000 Draws Major Players Into the Fray

Ethereum (ETH) price outperformed Bitcoin (BTC) in the previous week, mainly due to the registration of Blackrock’s Spot ETF, which sparked optimism that ETH will surpass its previous high in 2023 and exceed $2,500.

In a revolutionary turn since the Ethereum (ETH) Shanghai upgrade earlier this year, the value of Ether has triumphantly surpassed the $2,000 mark, propelled by Bitcoin’s (BTC) recent surge towards the mark of $38,000.

Ethereum exceeds $2,000

At the time of writing, ETH was trading at $2,054, up 7% over the past seven days, according to data from CoinMarketCap.

Source: CoinMarketCap

Despite the ongoing uncertainty, cryptocurrency aficionados exude optimism, envisioning the profits to come while some investors, driven by impatience, wait impatiently for evolving market dynamics.

Cryptocurrency on-chain data analytics firm Lookonchain unveils show of whale activity amid Ethereum price surge. The report highlights notable trades, with one whale raking in a staggering profit of $154 million, while another faces a substantial loss of $183 million.

In the thread, Lookonchain zoomed in on the whale using the address “0xee47,” demonstrating a remarkable increase in its Ethereum holdings of 3,200 ETH, which equates to an impressive $6.7 million. This accumulation represents a significant step forward after the whale’s first venture into ETH purchases on July 5, 2022.

Currently, their wallet includes a significant amount of 183,740 ETH, which is estimated to be worth almost $388 million. This indicates an unrealized profit of approximately $155 million.

ETHUSD trading at $2,010 today. Chart:

ETH Price Boosted by Spot ETF Deposit

Last week, the price of Ethereum saw a significant rise, surpassing the $2,000 mark. The spike was attributed to BlackRock, a major investment management firm, confirming plans to introduce an Ethereum Spot exchange-traded fund (ETF).

This confirmation was made via a filing with NASDAQ. According to on-chain data, a group of financially astute institutional investors engaged in significant purchases of Ether over the weekend, amounting to several million dollars. This activity is likely a response to a positive news event that generated optimism in the market.

The latest on-chain data supported the positive outlook for ETH. In particular, whale trading, valued at over $1 million, reached its highest levels in seven months, as seen in the chart above.

Furthermore, it was clear that the number of exchange names had increased. This supports previous claims that whales were moving their reserves to make money.

(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image by Rhys A. via Flickr

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