Ethereum

Rally

Strong

Spot

Ethereum enthusiasts are celebrating today as the cryptocurrency’s price surges by 5%, edging closer to the $4,000 milestone. This impressive rally is fueled by substantial Ethereum accumulation and positive market sentiment, signaling a potential upward trajectory for ETH. 
Besides, the strong accumulation of the second-largest crypto has also sparked discussions over a further rally in <a href="https://coingape.com/trending/ethereum-about-to-hit-4k-against-all-odds/" target="_blank" rel="noopener">Ethereum</a> price in the coming days. 
<h2 id="massive-ethereum-accumulation-boosts-market-confidence">Massive Ethereum Accumulation Boosts Market Confidence</h2> 
Recent data from the blockchain tracking platform, Spot On Chain, reveals a surge in Ethereum accumulation, providing a strong foundation for the cryptocurrency’s price rally. Over the past few days, wallets associated with Pulse Chain and Pulse X have purchased a staggering amount of ETH, totaling 163,295 ETH worth approximately 620.7 million DAI. 
Notably, the blockchain tracking platform, Spot On Chain, reveals significant on-chain ETH purchases linked to Pulse Chain/X wallets. In the latest update, 15,003 ETH were acquired using 59 million DAI today, totaling 163,295 ETH over four days. This marks an average price of $3,801 and an estimated unrealized profit of $24.3M. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GII1LAeXkAA2So9?format=jpg&amp;name=large" alt="Ethereum Accumulation" width="758" height="463">
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 Source: Spot On Chain, X
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Meanwhile, in a previous report, Spot On Chain noted a surge in ETH purchases, with 51,809 ETH bought using 201 million DAI, driving prices above $3,900. In just three days, 21 Pulse Chain/X wallets bought 148,288 ETH with 561.7M DAI at approximately $3,788, resulting in a profit of $21.8M. These transactions underscore the active engagement of Pulse Chain/X wallets in the cryptocurrency market, influencing ETH prices and generating substantial profits. 
Also Read: <a href="https://coingape.com/bonk-price-rallies-10-amid-bitmexs-listing-and-airdrop-announcement/" target="_blank" rel="noopener">BONK Price Rallies 10% Amid BitMEX’s Listing and Airdrop Announcement</a> 
<h2 id="market-sentiment-signals-positive-road-ahead">Market Sentiment Signals Positive Road Ahead</h2> 
A flurry of other factors like the upcoming <a href="https://coingape.com/blog/what-should-the-crypto-market-expect-from-ethereum-dencun-upgrade/" target="_blank" rel="noopener">Dencum upgrade</a>, Ethereum ETF anticipation, and others, has also sparked market optimism over Ethereum’s future performance. Notably, the impending Dencun upgrade is set to revolutionize ETH’s<a href="https://coingape.com/glossary/proof-of-stake-pos-lets-explore-this-blockchain-consensus-mechanism/" target="_blank" rel="noopener"> proof-of-stake</a> protocol on March 13. 
Meanwhile, the upgrade aims to address congestion, enhance scalability, and reduce transitions on layer networks. In addition, anticipation for an <a href="https://coingape.com/eth-price-shoots-past-3700-despite-sec-refusing-blackrock-ethereum-etf-approval/" target="_blank" rel="noopener">Ethereum ETF</a>, pending SEC approval, boosts investor confidence. Drawing inspiration from the success of <a href="https://coingape.com/bitcoin-etf-issuer-hold-175k-btc-despite-grayscale-robust-outflow/" target="_blank" rel="noopener">Bitcoin ETFs</a>, market watchers predict a potential Ethereum price rally. 
In addition, Ethereum’s Open Interest surged by 3.71% to $13.25 billion, with Ethereum Options Open Interest also rising by 1.63% to $6.38 billion, as per CoinGlass <a rel="nofollow" href="https://www.coinglass.com/currencies/ETH" target="_blank">data</a>. With the upgrade promising significant improvements and ETF hopes on the horizon, Ethereum’s market outlook remains optimistic. 
<figure id="attachment_184753" aria-describedby="caption-attachment-184753" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-184753" src="https://coingape.com/wp-content/uploads/2024/03/Ethereum-Price-Chart-8-03-24.png" alt="Ethereum Price Chart" width="758" height="529" srcset="https://coingape.com/wp-content/uploads/2024/03/Ethereum-Price-Chart-8-03-24.png 1021w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-Price-Chart-8-03-24-300x209.png 300w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-Price-Chart-8-03-24-768x536.png 768w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-Price-Chart-8-03-24-150x105.png 150w" sizes="(max-width: 758px) 100vw, 758px">
 <figcaption id="caption-attachment-184753" class="wp-caption-text">
 Ethereum Price Chart
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As of writing, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum price</a> was up 4.53% over the last 24 hours and traded at $3,956.53, while its one-day trading volume fell 20.65% to $21.63 billion. Notably, over the last 24 hours, the ETH price has seen a high of $3,958.81 and a low of $3,768.02. 
Also Read: <a href="https://coingape.com/conflux-network-announces-first-hong-kong-dollar-backed-stablecoin/" target="_blank" rel="noopener">Conflux Network Announces First Hong Kong Dollar-Backed Stablecoin</a> 
The post <a href="https://coingape.com/ethereum-accumulation-signals-strong-eth-price-rally-above-4000/">Ethereum Accumulation Signals Strong ETH Price Rally Above $4000</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Accumulation Signals Strong ETH Price Rally Above $4000

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