Ethereum Accumulation Signals Strong Rise in ETH Price Above $4000
Ethereum enthusiasts are celebrating today as the cryptocurrency’s price surged 5%, approaching the $4,000 milestone. This impressive rally is powered by significant Ethereum accumulation and positive market sentiment, signaling a potential upside for ETH.
In addition, the strong accumulation of the second largest cryptocurrency has sparked discussions that the Ethereum price will rise further in the coming days.
Massive Ethereum Accumulation Increases Market Confidence
Latest data from blockchain tracking platform Spot On Chain reveals an increase in Ethereum accumulation, providing a strong basis for the cryptocurrency’s price increase. Over the last few days, wallets associated with Pulse Chain and Pulse
In particular, blockchain tracking platform Spot On Chain reveals significant on-chain ETH purchases linked to Pulse Chain/X wallets. In the last update, 15,003 ETH was obtained today using 59 million dai, making a total of 163,295 ETH in four days. This represents an average price of $3,801 and an estimated unrealized profit of $24.3 million.
Source: Point in the Chain, X
Meanwhile, in a previous report, Spot On Chain noted an increase in ETH purchases, with 51,809 ETH purchased using 201 million DAI, pushing prices above $3,900. In just three days, 21 Pulse Chain/X wallets purchased 148,288 ETH with 561.7 million DAI at approximately $3,788, making a profit of $21.8 million. These transactions underline the active participation of Pulse Chain/X wallets in the cryptocurrency market, influencing ETH prices and generating significant profits.
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Market Sentiment Signals a Positive Path Ahead
A flurry of other factors such as the upcoming Dencum upgrade, Ethereum ETF expectation, and others have also fueled market optimism about Ethereum’s future performance. Notably, the upcoming Dencun upgrade is set to revolutionize ETH’s proof-of-stake protocol on March 13.
Meanwhile, the upgrade aims to relieve traffic congestion, increase scalability and reduce switching in overlay networks. Additionally, the prospect of an Ethereum ETF awaiting SEC approval also increases investors’ confidence. Inspired by the success of Bitcoin ETFs, market watchers are predicting a potential rise in Ethereum prices.
Additionally, according to CoinGlass data, Ethereum’s Open Interest increased by 3.71% to $13.25 billion, while Ethereum Options Open Interest increased by 1.63% to $6.38 billion. With the upgrade promising significant improvements and an ETF on the horizon, Ethereum’s market outlook remains optimistic.
Ethereum price chart
As of the moment of writing, Ethereum price was traded at $ 3,956.53 with an increase of 4.53% in the last 24 hours, while one-day transaction volume decreased by 20.65% to $ 21.63 billion. Especially in the last 24 hours, the ETH price hit a high of $3,958.81 and a low of $3,768.02.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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