Ethereum

Spot

The ongoing speculation surrounding the approval of a spot Ethereum ETF (Exchange Traded Fund) after the application submitted by major asset managers is significantly attracting crypto investors to Ethereum. On February 22, 2024, the on-chain analytics firm Spot On Chain made a post on X (formerly Twitter) that a crypto whale address, 0x7a9, purchased 87,819 Ethereum worth around $252.5 million in the last four days. Why Crypto whales betting on Ethereum? 
According to the Spot On Chain post on X, this whale, on February 21, 2024, bought 16,160 Ethereum worth around $46.95 million with an average price of $2,906. However, the whale made this significantEthereum purchase in two separate transactions. Initially, the whale withdrew 9,277 Ethereum worth $26 million from Binance, and later, 6,883 Ethereum was purchased with $20 million USDT via 1inch. 
Despite these transactions, the Ethereum whale continues to accumulate, having bought 87,819 Ethereum worth around $252.5 million in the last four days. Currently, it holds nearly 112,966 Ethereum worth $334 million, with an unrealized profit of $17.25 million, as reported by Spot On Chain.
This is not the only whale showing interest in accumulating Ethereum. On February 20, 2024, another crypto whale, presumed to be <a href="https://news.todayq.com/justin-sun-might-be-behind-154m-ethereum-move-report/" rel="noopener noreferrer nofollow">Justin Sun</a>, bought a massive 54,721 Ethereum worth around $154.4 million. It is observed that following the approval of the spot Bitcoin ETF, investors and institutions are now favoring Ethereum over Bitcoin. Ethereum technical analysis and key-level 
As of now, Ethereum is trading near $3,000, experiencing over 2% positive upside momentum in the last 24 hours. Looking at Ethereum’s performance over a more extended period, in the last 7 days, it has seen over 8% upside momentum. In the last 30 days, the ETH price has surged by a significant 25%, rising from $2,290 to $3,000.
Despite the positive sentiment around Ethereum and its significant performance on February 22, 2024, the 24-hour volume of Ethereum has dropped by over 6%, currently standing at $19.7 billion.
According to expert technical analysis, Ethereum is bullish. If we examine the ETH chart on a 4-time frame, it is observable that the $3,035 level is a strong resistance. If Ethereum manages to break this level and close above it in the coming days, we may see the $3,600 level, which is a major resistance.
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Ethereum price surges as whale buys $252 million of ETH

Todayq News

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