Bitcoin is currently experiencing a retracement after rising to as high as $53,000 on February 20. This recent dip has, however, not deterred Bitcoin whales, with these investors rather seeing it as an opportunity to accumulate more of the flagship crypto token. 

Inflows To Accumulation Addresses Hit All-Time High

Ki Young Ju, the founder and CEO of the on-chain analytics platform Crypto Quant, revealed in an X (formerly Twitter) post that inflows into accumulation addresses have reached an all-time high (ATH) of 25,300 BTC. Young then highlighted the significance of this occurrence as he elaborated on what accumulation addresses are. 

These accumulation addresses are said to have no outgoing transactions and have a balance that exceeds 10 BTC. Accounts belonging to centralized exchanges (CEXs) or miners are also excluded from this category of wallet addresses. Meanwhile, these addresses have received more than two incoming transactions, with the most recent occurring within the last 7 years. 

Simply put, these addresses are the most bullish on Bitcoin and can be regarded as the ultimate ‘Bitcoin Diamond Hands.’ This development further highlights the growing accumulation trend as more investors continue to stack up their BTC holdings ahead of the next bull run, which is projected to begin after the Halving event.  

Interestingly, inflows into accumulation addresses hitting an ATH coincides with Michael Saylor’s statement that he doesn’t plan on selling any of his company’s Bitcoin anytime soon. According to the tech executive, “Bitcoin is the exit strategy.” Saylor’s MicroStrategy is reported to hold 190,000 BTC BTC at the moment.

Spot Bitcoin ETFs Also See Record-Breaking Day

Bloomberg analyst Eric Balchunas noted in an X post that the newly listed Spot Bitcoin ETFs (referred to as ‘The Nine’) recorded their biggest volume day since Day one of launch. These funds are said to have seen about $2 billion in combined trading volume. 

Balchunas further mentioned that this achievement was largely thanks to “big contributions” from VanEck ($HODL), WisdomTree ($BTCW), and Bitwise’s ($BITB) Bitcoin ETFs, which all broke their personal records. VanEck’s Bitcoin ETF, in particular, saw more than a 14x increase in its daily average. 

Highlighting how explosive this was, Balchunas revealed that VanEck Bitcoin Trust ETF recorded 50,000 trades on February 20. Meanwhile, this same fund had only seen just 500 trades on February 16. Interestingly, the Bloomberg analyst noted that these trades were more likely from retail investors rather than a single “big investor.”

At the time of writing, Bitcoin is trading at around $51,500, down in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin experienced a tumultuous day yesterday, with its price briefly touching $53,000 before plummeting to a low of $50,820. Amid this price volatility, an unexpected phenomenon caught the eye of market analysts: a dramatic surge in trading volumes for certain Bitcoin ETFs.

Bloomberg’s Eric Balchunas provided a detailed account of this anomaly on X, particularly focusing on the VanEck Bitcoin ETF (HODL) and its astonishing increase in trading volume. He remarked, “HODL is going wild today with $258m in volume already, a 14x jump over its daily average, and it’s not one big investor… but rather 32,000 individual trades, which is 60x its avg.”

This level of activity was not only unexpected but also unprecedented, sparking widespread speculation and analysis within the financial community. The unusual trading volume wasn’t isolated to HODL alone. Wisdom Tree’s Bitcoin ETF (BTCW) and BlackRock’s Bitcoin ETF (IBIT) also saw significant upticks in trading activity, albeit to varying degrees.

Balchunas pointed out, “BTCW also popping off, $154m trades, 12x its avg and 25x its assets via 23,000 indiv trades.” However, he noted that the volume increase in IBIT, while elevated, did not reach the “extraordinary levels” observed in HODL and BTCW.

What’s Behind The Sudden Spike In Bitcoin ETF Volumes?

Addressing theories that the ETF volume surge was driving Bitcoin’s price drop, Balchunas offered a rebuttal, “To the ‘bruh volume must be selling bc btc is dumping’ crowd: a) that makes no sense given how little these ETFs had in existing aum/shareholders b) plus you never see ton of outflows in brand new ETF that is in rally mode c) there are so many other holders of btc besides ETFs! d) how can you call it ‘dumping’ when it is down 1% after 20% rally in two weeks?”

However, the source of this sudden and explosive increase in trading volume remains a mystery, with Balchunas speculating, “Still haven’t figured out what happened. No one knows. Given how sudden and explosive the increase in number of trades was… I’m wondering if some Reddit or TikTok influencer type recommended them to their followers. Feels retail army-ish.”

He also considered the possibility of market makers trading among each other but found it an unlikely explanation given the liquidity of other Bitcoin ETFs like IBIT and BITO.

The trading day concluded with “The Nine” achieving a record-breaking volume day, thanks to significant contributions from HODL, BTCW, and BITB, which all shattered their previous records. Balchunas highlighted the significance of this trading volume, stating, “For context $2b in trading would put them in Top 10ish among ETFs and Top 20ish among stocks. It’s a lot.”

As the dust settles on this unprecedented day of trading, the Bitcoin community continues to grapple with the implications of this volume surge on Bitcoin ETFs and its potential impact on the market. The exact catalyst behind this phenomenon remains elusive, with analysts and investors alike keenly awaiting further developments.

At the time of going to press, BTC fell below the $51,000 mark again and initially found support at the EMA100 on the 1-hour chart.

Amidst the dynamic world of cryptocurrencies, Ethereum, the second-largest digital currency, has ignited investor enthusiasm, driven by a bold prediction from Michaël van de Poppe, CEO of MN Trading.

Van de Poppe’s forecast projects a remarkable climb for Ethereum, anticipating a potential surge to the range of $3,800 to $4,500. This optimistic outlook gains momentum as Ethereum’s current valuation hovers around $2,980, showcasing a robust performance while its counterpart, Bitcoin, grapples with market challenges.

Ethereum: Fueling Bullish Momentum

Several factors contribute to Ethereum’s bullish momentum, a sentiment emphasized by Van de Poppe. Ethereum’s recent outperformance relative to Bitcoin, coupled with a noticeable shift in investor sentiment, is evidenced by data illustrating funds flowing from alternative digital assets into Ethereum. These dynamics are pushing Ethereum’s value closer to the psychological barrier of $3,000.

#Ethereum is on its way towards $3,800-4,500. pic.twitter.com/TfoBGloBsH

— Michaël van de Poppe (@CryptoMichNL) February 19, 2024

Noteworthy events on the horizon, such as the DenCun upgrade and a speculated temporary peak in Bitcoin’s price, are identified as potential catalysts for Ethereum’s continued growth. Van de Poppe even raises the intriguing question of whether Ethereum can reclaim a specific ratio against Bitcoin during these events, hinting at the possibility of reaching even loftier heights.

Caution In The Futures Market: Navigating Volatility

While optimism surrounds Ether, a balanced perspective is essential. The report acknowledges the volatile nature of the cryptocurrency market, despite the surge in open interest for Ethereum futures contracts across various exchanges.

Cautionary signals emerge, expressing concerns about potential liquidations leading to short-to-mid-term price dips that could dampen the prevailing optimistic mood.

Emphasizing the unpredictable dynamics of the cryptocurrency market, the report underscores the importance of independent research and thorough risk assessment before making any Ethereum-related investment decisions.

The rotation towards #Ethereum seems to be happening.

It’s up to close to $3,000, while the rest lags behind.

Happily skewed with my portfolio towards $ETH for the coming period.

— Michaël van de Poppe (@CryptoMichNL) February 19, 2024

Navigating Uncertain Terrain

Van de Poppe’s optimistic Ethereum outlook positions the cryptocurrency as a potentially lucrative investment opportunity. However, the report advocates for a measured approach, emphasizing the significance of recognizing the inherent risks and uncertainties associated with Ether and the broader cryptocurrency market.

Featured image from Pixabay, chart from TradingView

With AI enveloping much of the media we consume nowadays, Render (RNDR) rides the bullish wave around generative content. According to Coingecko, the token is up over 26% this week with the biggest jump occurring at the monthly timeframe at 60%. It shows that investors are still excited by Render’s possible role within the media space. 

The protocol is continuing to develop its capabilities relative to the needs of the media and AI industries. For example, 2023 brought Render to the eyes of the broader public as it carried out its first rendering jobs for the Las Vegas Sphere and Apple with its Apple Vision Pro. 

2024 is The Year For AI

The Render Network’s position as a decentralized GPU-based rendering solution provider is strengthened by this year’s developments in generative AI. One example that has been making rounds on the internet is Sora, OpenAI’s newest entry in the realm of generative content. Capable of creating high-fidelity prompts, Sora becomes the poster child of generative content. 

“What is exciting about this level of quality is how well defined 4D scene elements are preserved in latent space – IMO that is key to blending/decomposing neural generated assets within a rendered scene graph,” said the founder and CEO of OTOY Jules Urbach, highlighting the role of Render in the coming future. 

.@EMostaque 100% Yes!

And – beyond pixels – Gen AI at this fidelity means we are closing in on generating true rendering primitives (rays/surfaces/BDRFs).

We need to get there for non-raster devices and endpoints: real time video games, spatial platforms – or as @sama, myself… https://t.co/8ca5qNoR33

— Jules Urbach (@JulesUrbach) February 15, 2024

“I believe crossing over this threshold in the very near future will be life-changing for many creators and artists. High friction pain points in digital content creation may soon be re-imagined –  without limiting the value and artistry of authentic human creativity and expression,” Urbach added.

Along with the variety of AI products released by big tech companies like META, NVIDIA, and Google, investors are eyeing the growth of Render as a major player in the cloud-based rendering space.

More Partners, More Growth 

Since its implementation of RNP-004, partnerships with other Web 3 organizations has grown. This month, Nosana was added after RNP-008 was passed in the final vote. The new addition joins the likes of IO.net, Beam, and FedM1.

RNDR Slows As Market Becomes Sluggish 

As the hot and bullish market cools, RNDR follows the broader market in its decline in the coming weeks. Investors and traders should be wary of how RNDR reacts to outside pressure. With this in mind, bulls should target the 50% retracement level to slow down any bearish pressure in the short to medium term. 

If the bulls fail to materialize any resistance against the bears, the bears can bring RNDR down to $4.6. 

Featured image from Pexels, chart from TradingView

The Ethereum (ETH) price has crossed the $3,000 threshold for the first time since April 2022 yesterday. However, amidst the celebratory fireworks in the crypto community, Fred Krueger, a renowned Bitcoin ETF expert, has voiced a starkly contrasting opinion. Krueger, a Wall Street veteran and prop trader, took to X (formerly Twitter) to express his skepticism about the current valuation of ETH, stating, “ETH is completely detached from reality.”

Why Ethereum Is “Completely Detached From Reality”

Krueger’s comments come at a time when the crypto market is witnessing a resurgence in investor interest, with Ethereum at the forefront due to its recent price rally. Despite this, Krueger points out a concerning trend in the usage of the Ethereum blockchain.

ETH is completely detached from reality. A deep dive.———————————————————

ETH is at $3,000. Surely this must mean that a ton of people are using ETH, and that this number is only going up, right?

Nope.

Eth, the chain has dropped from 120K… pic.twitter.com/141GwtB0yz

— Fred Krueger (@dotkrueger) February 21, 2024

“ETH is at $3,000. Surely this must mean that a ton of people are using ETH, right? Nope. Eth, the chain has dropped from 120K active daily users in 2021, to just 66K over the last year. The top app, Uniswap V3 is only getting 16K DAUs. I remember, back in 2020 this number was 60K or more,” he noted, emphasizing a decline in the platform’s direct utility and engagement.

The Bitcoin ETF expert further criticized the valuation of Ethereum, drawing parallels to meme coins like Shiba Inu due to its inflated market cap, which stands at $361 billion despite the fall in active users. “It really has become a type of meme coin, similar to Shiba Inu,” Krueger remarked, pointing to the stark contrast between Ethereum’s high market cap and its diminishing direct use.

Krueger argues that Ethereum is not only overvalued but also faces stiff competition from other blockchains that outperform it in terms of transaction costs and speed. “It’s not particularly cheap ($1.50 per transaction), or fast. If you are just interested in reward points for games, or casino-style DeFi apps — Solana, Avalanche, Near etc.. all crush it.”

Krueger also expressed skepticism about the future regulatory landscape for Ethereum, particularly concerning the potential for an ETH exchange-traded fund (ETF). “Finally, I don’t think Gensler is going to allow an ETH ETF… I just don’t think Gary wants to make his second ETF a massive pre-mine. Sets a very bad precedent,” he stated, reflecting on the challenges Ethereum faces in gaining mainstream financial acceptance.

The Crypto Community Reacts

In response to Krueger’s critical take, the crypto community on X provided mixed reactions. One user challenged Krueger’s analysis by pointing to Ethereum’s rollup-centric roadmap and the misleading nature of using mainnet daily active users (DAU) as a metric for the platform’s health. Krueger, however, remained unconvinced, stating, “Even L2s like Arbitrum have been in decline for the last 12 months. This is not the case that all is well in ETH-land.”

Another user attempted to highlight the cyclical nature of DeFi and the broader crypto market, suggesting that the current downturn is a temporary phase of risk aversion. Yet, Krueger dismissed these arguments, reiterating his lack of interest in speculative DeFi activities and emphasizing his belief in Bitcoin as the true revolutionary cryptocurrency. “I am not interested in degen ape games. Have fun,” he stated.

Krueger’s critique extends beyond Ethereum to the broader landscape of cryptocurrencies, questioning the long-term viability and value proposition of altcoins, including Layer 1 solutions other than Bitcoin. He argues that these platforms are unlikely to become significant value generators in the long term, likening their control mechanisms to fiat currencies but with central figures like Vitalik Buterin in place of traditional central bankers.

Krueger’s overall stance on Ethereum and the broader crypto market is clear. “My position on ETH. At the end of the day, Bitcoin is the revolution… Every other cryptocurrency is fighting for some other much smaller use case,” he explained, underscoring his belief in Bitcoin’s unique value proposition as a decentralized, finite currency system.

At press time, the ETH price surpassed the 0.5 Fibonacci retracement level (at $2,922), trading at $2,935. A weekly close above this threshold could confirm another leg up for the ETH price.

Tron price is gaining pace above the $0.120 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.140.

Tron is moving higher above the $0.122 resistance level against the US dollar.
The price is trading above $0.1350 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.165 or even $0.180.

Tron Price Regains Strength

Recently, Bitcoin and Ethereum saw a decent increase and moved into a positive zone. Tron price also remained well-bid and it slowly moved higher above the $0.120 resistance zone.

There was a steady increase above the $0.128 and $0.132 resistance levels. Finally, TRX traded to a new multi-week high at $0.1400 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high.

Tron price is now trading above $0.1350 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair.

Source: TRXUSD on TradingView.com

On the upside, an initial resistance is near the $0.1400 level. The first major resistance is near $0.1420, above which the price could accelerate higher. The next resistance is near $0.1650. A close above the $0.1650 resistance might send TRX further higher toward $0.1720. The next major resistance is near the $0.180 level, above which the bulls are likely to aim for a larger increase toward $0.20.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.140 resistance, it could start a downside correction. Initial support on the downside is near the $0.1380 zone and the trend line.

The first major support is near the $0.1350 level or the 50% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high, below which it could test $0.1320. Any more losses might send Tron toward the $0.1250 support in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.1380, $0.1350, and $0.1320.

Major Resistance Levels – $0.140, $0.1650, and $0.180.

Ethereum price climbed further higher and broke the $3,000 resistance. ETH is still showing positive signs and might extend gains toward $3,120.

Ethereum extended its rally above the $2,980 and $3,000 levels.
The price is trading above $3,000 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up toward the $3,120 resistance zone.

Ethereum Price Extends Rally

Ethereum price formed a base above the $2,850 level and started another increase. ETH cleared the $2,920 resistance zone and outperformed Bitcoin. Finally, the price climbed above the $3,000 barrier.

A new multi-week high is formed near $3,032 and the price is now consolidating gains. Ether is stable near the 23.6% Fib retracement level of the recent increase from the $2,876 swing low to the $3,032 high. There is also a key bullish trend line forming with support at $2,950 on the hourly chart of ETH/USD.

Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,040 level. The first major resistance is near the $3,065 level. The next major resistance is near $3,120, above which the price might rise and test the $3,220 resistance zone.

Source: ETHUSD on TradingView.com

If there is a move above the $3,220 resistance, Ether could even rally toward the $3,350 resistance. Any more gains might call for a test of $3,500.

Downside Correction In ETH?

If Ethereum fails to clear the $3,040 resistance, it could start a downside correction. Initial support on the downside is near the $2,995 level.

The first major support is near the $2,950 level and the trend line zone. It is close to the 50% Fib retracement level of the recent increase from the $2,876 swing low to the $3,032 high. The next key support could be the $2,910 zone. A clear move below the $2,910 support might send the price toward $2,880 or the 100-hourly Simple Moving Average. The main support could be $2,850. Any more losses might send the price toward the $2,720 level in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,950

Major Resistance Level – $3,040

Bitcoin price spiked toward the $53,200 resistance. BTC is trading in a major range and still holding gains above the $50,000 support zone.

Bitcoin price is struggling to clear the $52,500 resistance zone.
The price is trading below $52,400 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could dip toward the $51,600 support before it attempts a fresh increase.

Bitcoin Price Holds Ground

Bitcoin price made another attempt to gain strength above the $52,200 resistance zone. BTC broke the $52,500 level and even spiked above $52,800. However, the bears were active near the $53,000 level.

A new multi-week high was formed near $52,991 and the price dived toward $50,500. A low was formed at $50,663 and the price is now attempting a fresh increase. There was a move above the $51,600 level. The price climbed above the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low.

Bitcoin is now trading below $52,400 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $52,200 level. The next key resistance could be $52,400 or the trend line or the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low, above which the price could rise toward the $52,800 resistance zone.

Source: BTCUSD on TradingView.com

The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $54,200 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $52,400 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,600 level.

The first major support is $51,200. If there is a close below $51,200, the price could gain bearish momentum. In the stated case, the price could decline toward the $50,500 support zone, below which the price might turn bearish in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $51,600, followed by $51,200.

Major Resistance Levels – $52,200, $52,400, and $52,800.

In a highly anticipated move, Starknet (STRK), an Ethereum (ETH) roll-up protocol, commenced trading on prominent cryptocurrency exchanges including Binance, Bybit, Bitfinex, and OKX on Tuesday. 

The token’s launch was accompanied by an airdrop, distributing a staggering 728 million tokens to over one million addresses, making it one of the largest airdrops of the year. However, the initial excitement was dampened as the token experienced a significant retracement of 53.8%, plummeting to a current price of $2.04.

However, to better grasp the protocol’s capabilities and assess its potential future price actions, it is crucial to delve into the underlying technology and the buzz surrounding this player within the top 60 cryptocurrencies, boasting a substantial market capitalization of $1.4 billion.

Unveiling Starknet

Starknet operates as a Layer 2 solution, offering scalability and Ethereum-level security by generating STARK proofs off-chain, which are relayed on-chain. 

Developed by StarkWare Industries, a blockchain firm based in Israel, Starknet was specifically designed to address Ethereum’s scalability concerns. The protocol was fully launched in February 2022 as a permissionless Layer 2 network, allowing developers worldwide to build decentralized applications on its infrastructure. 

StarkWare also developed another platform called StarkEx, which has been live since June 2020. However, StarkEx is a permissioned network tailored to specific decentralized app (Dapp) requirements.

Founded in 2018, StarkWare has garnered support from renowned investors such as Sequoia Capital, Paradigm, and Coatue, solidifying its position within the industry. In a Series D funding round held in May 2022, the company raised $100 million, valuing StarkWare at an impressive $8 billion. 

StarkWare has raised $261 million in funding, demonstrating strong investor confidence in its vision and technology.

With that noted, a prominent decentralized finance (DeFi) researcher who goes by the pseudonym “DeFi Ignas” has identified three key catalysts that could fuel the long-term growth of Starknet. 

STRK Airdrop And DeFi Incentives 

The researcher highlights Starknet’s utilization of STARKs, a cryptographic proof system, to validate transactions on the Ethereum network. In contrast to other zero-knowledge rollup solutions that employ SNARKs, STARKs offer quantum resilience and the potential for numerous scalability improvements. 

In addition, DeFi Ignas believes that the use of the Cairo Development Language ensures that the protocol is resistant to “lazy copy-paste forks,” thereby increasing its “technical robustness.”

Ignas suggests that Starknet’s differentiators, such as “Quantum Resilience” and the comparison between SNARKs and STARKs, present an intriguing potential that is yet to be fully realized. By effectively communicating these distinctive features, Ignas suggests that Starknet can capture the imagination of the wider audience, generating increased interest and adoption.

Furthermore, Ignas identifies several factors that could contribute to the growth of the Starknet ecosystem. Firstly, the airdrop of STRK tokens is believed to create a “wealth effect,” attracting capital into the ecosystem. 

Additionally, Starknet plans to allocate 50 million STRK tokens to incentivize DeFi protocols, which, in turn, will drive growth in Total Value Locked (TVL). Protocols operating on Starknet are expected to distribute new tokens to users through airdrops. 

On top of that, the STRK token has a “robust” utility model for Ignas, serving as a means to pay gas fees, distribute voting power through delegates, and facilitate native staking for governance and security. 

The initial staking Annual Percentage Yield (APY) is set at 12%, incentivizing users to stake their tokens rather than sell them. While some individuals expressed dissatisfaction with not receiving the airdrop, Ignas notes that 27% of survey respondents (3.4k people) received STRK tokens, indicating potential for growth within the Starknet ecosystem but not necessarily for the STRK token itself.

Featured image from Shutterstock, chart from TradingView.com

On Tuesday, Ether (ETH), the second largest cryptocurrency by market capitalization, touched its highest level since April of 2022. Ethereum’s native cryptocurrency momentarily surpassed the $3,000 before quickly facing a price pullback.

Ether Briefly Touches The Sky

The whole crypto market has been buzzing with a bullish sentiment in recent weeks after the massive inflows coming into the recently launched Spot Bitcoin ETFs (exchange-traded funds).

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.

$ETH vs $3,000 ( •_•) (•_• ) ( ง )ง ୧( ୧ ) /︶ /︶

— Binance (@binance) February 20, 2024

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’s price uptrend.

As previously reported, Options traders expect the cryptocurrency’s price to reach $4,000 in the upcoming months. This predicted price range would come closer to the token’s all-time high (ATH) of $4,800, seen during the previous market bull run in November 2021.

However, the first test in a journey to $4,000 presents as the $3,000 resistance level. Analysts have evaluated Ether’s 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.

Today, the second-largest cryptocurrency surpassed this key resistance zone momentarily, an achievement not seen since the end of April 2022. However, Ethereum’s native token could not maintain momentum for long and faced a price pullback to the $2,900 level.

JUST IN: Ethereum surpasses $3,000

— Watcher.Guru (@WatcherGuru) February 20, 2024

Whales Are pulling In Both Directions

Recent developments in Ether’s 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.

Whales have also reacted to ETH’s recent uptrend. According to an X post 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.

However, a dormant whale who participated in Ethereum’s ICO woke up after 8 years, according to the blockchain analyst platform Lookonchain.

After the price of $ETH surpassed $3,000, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH($5.15M) to #Kraken.

He received 3,465 $ETH($10.3M) at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/K6xOHILdne pic.twitter.com/o50JKxXxzP

— Lookonchain (@lookonchain) February 20, 2024

The whale seemingly deposited about half of its ETH holdings into Kraken after ETH’s price surpassed $3,000. The transaction saw the transfer of 1,732 ETH worth approximately $5.15 million to the crypto exchange.

This transaction has raised a slight concern over the possibility of a massive sell-off that could affect ETH’s uptrend. Crypto investors now stay alert of large holders trying to offload their assets to profit from the market upsurge.

ETH Price Performance

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.

More notably, Ether’s 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.