On Tuesday, Ether (ETH), the second largest cryptocurrency by market capitalization, touched its highest level since April of 2022. Ethereum\u2019s native cryptocurrency momentarily surpassed the $3,000 before quickly facing a price pullback.<\/p>\n
The whole crypto market has been buzzing with a bullish sentiment in recent weeks after the massive inflows<\/a> coming into the recently launched Spot Bitcoin ETFs (exchange-traded funds).<\/p>\n Since the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC), eyes have moved to the possibility of other spot crypto-based ETFs in other cryptocurrencies like ETH and XRP.<\/p>\n $ETH<\/a> vs $3,000 ( \u2022_\u2022) (\u2022_\u2022 ) ( \u0e07 )\u0e07 \u0b67( \u0b67 ) \/\ufe36 \/\ufe36<\/p>\n \u2014 Binance (@binance) February 20, 2024<\/a><\/p>\n\n The speculation surrounding the approval of Ether ETFs in May has been one of several actors fueling the recent price surge. The expectation for the approval and launch of the Bitcoin-based investment products filled the crypto market with positive sentiment on the BTC\u2019s price uptrend.<\/p>\n As previously reported<\/a>, Options traders expect the cryptocurrency\u2019s price to reach $4,000 in the upcoming months. This predicted price range would come closer to the token\u2019s all-time high (ATH) of $4,800, seen during the previous market bull run in November 2021.<\/p>\n However, the first test in a journey to $4,000 presents as the $3,000 resistance level. Analysts have evaluated Ether\u2019s movements as its momentum reignited and considered the $3,000 a possible milestone after the digital asset showed a strong resistance in the $2,800 support zone.<\/p>\n Today, the second-largest cryptocurrency surpassed this key resistance zone momentarily, an achievement not seen since the end of April 2022. However, Ethereum\u2019s native token could not maintain momentum for long and faced a price pullback to the $2,900 level.<\/p>\n JUST IN: Ethereum surpasses $3,000<\/p>\n \u2014 Watcher.Guru (@WatcherGuru) February 20, 2024<\/a><\/p>\n\n Recent developments in Ether\u2019s price have had many investors express a positive outlook for the second-largest cryptocurrency. Some analysts even made a bullish prediction on the Altcoin market in general.<\/p>\n Whales have also reacted to ETH\u2019s recent uptrend. According to an X post<\/a> by Spot on Chain, a whale allegedly bought 54,721 ETH at $2,845 24 hours before the post. These transactions accounted for approximately $155.7 million and signaled a positive sentiment toward the asset by the large players in the market.<\/p>\n However, a dormant whale who participated in Ethereum\u2019s ICO woke up after 8 years, according to the blockchain analyst platform Lookonchain.<\/p>\n After the price of $ETH<\/a> surpassed $3,000, an #Ethereum<\/a> ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH<\/a>($5.15M) to #Kraken<\/a>.<\/p>\n He received 3,465 $ETH<\/a>($10.3M) at #Ethereum<\/a> Genesis, the ETH ICO price is ~$0.31.https:\/\/t.co\/K6xOHILdne<\/a> pic.twitter.com\/o50JKxXxzP<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) February 20, 2024<\/a><\/p>\n\n The whale seemingly deposited about half of its ETH holdings into Kraken after ETH\u2019s price surpassed $3,000. The transaction saw the transfer of 1,732 ETH worth approximately $5.15 million to the crypto exchange.<\/p>\n This transaction has raised a slight concern over the possibility of a massive sell-off<\/a> that could affect ETH\u2019s uptrend. Crypto investors now stay alert of large holders trying to offload their assets to profit from the market upsurge.<\/p>\n At the time of writing, ETH is trading at $2,923.50, representing a 1.6% decrease in the last hour. Despite this, the price has increased 11.2% in the last week.<\/p>\n More notably, Ether\u2019s daily trading volume has shown a 47.10% increase, at $20.6 billion in the last 24 hours, suggesting a rise in market activity. Similarly, ETH comfortably maintains its spot as the second-largest cryptocurrency by market capitalization, with a 0.82% increase in the last day, totaling $351.29 billion.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n On Tuesday, Ether (ETH), the second largest cryptocurrency by market capitalization, touched its highest level since April of 2022. Ethereum\u2019s native cryptocurrency momentarily surpassed the $3,000 before quickly facing a price pullback.<\/p>\n The whole crypto market has been buzzing with a bullish sentiment in recent weeks after the massive inflows<\/a> coming into the recently launched Spot Bitcoin ETFs (exchange-traded funds).<\/p>\n Since the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC), eyes have moved to the possibility of other spot crypto-based ETFs in other cryptocurrencies like ETH and XRP.<\/p>\n $ETH<\/a> vs $3,000 ( \u2022_\u2022) (\u2022_\u2022 ) ( \u0e07 )\u0e07 \u0b67( \u0b67 ) \/\ufe36 \/\ufe36<\/p>\n \u2014 Binance (@binance) February 20, 2024<\/a><\/p>\n The speculation surrounding the approval of Ether ETFs in May has been one of several actors fueling the recent price surge. The expectation for the approval and launch of the Bitcoin-based investment products filled the crypto market with positive sentiment on the BTC\u2019s price uptrend.<\/p>\n As previously reported<\/a>, Options traders expect the cryptocurrency\u2019s price to reach $4,000 in the upcoming months. This predicted price range would come closer to the token\u2019s all-time high (ATH) of $4,800, seen during the previous market bull run in November 2021.<\/p>\n However, the first test in a journey to $4,000 presents as the $3,000 resistance level. Analysts have evaluated Ether\u2019s movements as its momentum reignited and considered the $3,000 a possible milestone after the digital asset showed a strong resistance in the $2,800 support zone.<\/p>\n Today, the second-largest cryptocurrency surpassed this key resistance zone momentarily, an achievement not seen since the end of April 2022. However, Ethereum\u2019s native token could not maintain momentum for long and faced a price pullback to the $2,900 level.<\/p>\n JUST IN: Ethereum surpasses $3,000<\/p>\n \u2014 Watcher.Guru (@WatcherGuru) February 20, 2024<\/a><\/p>\n Recent developments in Ether\u2019s price have had many investors express a positive outlook for the second-largest cryptocurrency. Some analysts even made a bullish prediction on the Altcoin market in general.<\/p>\n Whales have also reacted to ETH\u2019s recent uptrend. According to an X post<\/a> by Spot on Chain, a whale allegedly bought 54,721 ETH at $2,845 24 hours before the post. These transactions accounted for approximately $155.7 million and signaled a positive sentiment toward the asset by the large players in the market.<\/p>\n However, a dormant whale who participated in Ethereum\u2019s ICO woke up after 8 years, according to the blockchain analyst platform Lookonchain.<\/p>\n After the price of $ETH<\/a> surpassed $3,000, an #Ethereum<\/a> ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH<\/a>($5.15M) to #Kraken<\/a>.<\/p>\n He received 3,465 $ETH<\/a>($10.3M) at #Ethereum<\/a> Genesis, the ETH ICO price is ~$0.31.https:\/\/t.co\/K6xOHILdne<\/a> pic.twitter.com\/o50JKxXxzP<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) February 20, 2024<\/a><\/p>\n The whale seemingly deposited about half of its ETH holdings into Kraken after ETH\u2019s price surpassed $3,000. The transaction saw the transfer of 1,732 ETH worth approximately $5.15 million to the crypto exchange.<\/p>\nWhales Are pulling In Both Directions<\/h2>\n
ETH Price Performance<\/h2>\n
Ether Briefly Touches The Sky<\/h2>\n
Whales Are pulling In Both Directions<\/h2>\n