Ethereum (ETH) Price All Set To Hit $3.5K This Week – Here’s Why

The post Ethereum (ETH) Price All Set To Hit $3.5K This Week – Here’s Why appeared first on Coinpedia Fintech News

The crypto market is abuzz as Ethereum’s steep rise continues. Beyond the price approaching $3000, recent whale activities, ETF speculations, and the upcoming Dencun upgrade are shaping Ethereum’s bullish narrative.

Whale’s Strategic Maneuver

SpotOnChain revealed an anonymous whale’s tactical play, acquiring 22,719 ETH worth $65.7 million in just 50 minutes. The whale’s dual approach involves withdrawing from Binance and decentralized swapping through 1 inch, showcasing adaptability in both crypto spheres.

The crypto whale doesn’t relent, accumulating a staggering 54,721 ETH in the last 24 hours. With an estimated cost of $155.7 million and an average purchase price of $2,845 per ETH, the strategic move has raised speculations within the crypto community.

Ethereum’s Price Dynamics

Analysts posit that the whale’s maneuvers could attract institutional attention to Ethereum. As the excitement builds around the potential launch of a spot ETH ETF, Ethereum’s price surge gains momentum, outperforming Bitcoin in the recent rally.

As Ethereum crosses the $2,910 mark, the surge is accompanied by a 3.69% increase. Trading volume spikes by 53.44% in the last 24 hours, reaching an impressive $26.65 billion. Ethereum’s growth outpaces Bitcoin and the broader crypto market.

Ethereum ETFs in 2024 and The Dencun Upgrade

Analysts foresee institutional attention towards Ethereum, attributing the whale’s moves to potential ETF approval. 

Gautam Chhugani and Mahika Sapra from Bernstein highlight Ethereum’s institutional utility. They express confidence asserting, “Ethereum with its staking yield dynamics, environmentally friendly design, and institutional utility to build new financial markets, is well positioned for mainstream institutional adoption.”

Ethereum’s rally has outperformed Bitcoin with a 4.12% growth, accentuating its institutional appeal. The report from Bernstein suggests a 50% chance of the SEC approving a spot Ethereum ETF by May, with growing interest from major financial players like Franklin Templeton, Blackrock, and Fidelity. 

As Ethereum approaches $3,000, the community eagerly anticipates the Dencun upgrade, set for March 13. The impending Dencun upgrade scheduled for March 13 adds to Ethereum’s positive outlook. Featuring proto-danksharding, the upgrade aims to enhance transaction costs and scalability. The crypto community eagerly anticipates the transformative impact of this technological advancement.

In short …

As Ethereum hits the new all-time high of $2,937 with a market capitalization of $352.96 billion, the whale’s moves, the ETH ETF antici[ated as the new ‘institutional darling’, and the impending Dencun upgrade have collectively fuelled Ethereum’s bullish narrative.