After the approval of the spot Bitcoin Exchange-Traded Fund (ETF), the overall cryptocurrency market struggles to gain momentum, and even Bitcoin (BTC) is facing the same challenges. Despite these difficulties, the world’s second-largest cryptocurrency, Ethereum (ETH), experienced a significant price surge following the Bitcoin ETF approval.
Whale activity driving Ethereum’s surge
This significant price surge in Ethereum is attributed to whale activity in the last 24 hours. According to data from Lookonchain, an on-chain analytics firm, a whale address, 0xAA15, purchased 50,733 ETH worth around $100 million with an average price of $1,955 since September 2023. The same whale bought an additional 5,762 ETH worth around $15 million 24 hours ago.
Another whale address, 0x9314, recently spent 7.3 million USDT and purchased 2,800 ETH 24 hours ago. This particular whale has bought 82,780 ETH worth around $150 million since January 1, 2024. These significant whale transactions are the main reason behind the massive surge in Ethereum’s price after the approval of the spot Bitcoin ETF.
In the last 24 hours, whales have moved more than $178 million worth of Ethereum. Out of this movement, an unknown whale from Bybit bought 15,000 ETH worth around $39 million, and another unknown whale from Bitfinex bought 10,000 ETH worth around $26 million. However, the main reason behind this heavy accumulation of ETH by these whales is caused by the recent conversation regarding the spot Ethereum ETF and its potential approval.
Ethereum price surge and technical analysis
All these whale activities in the past week have caused Ethereum to experience a price surge of over 18%, and 14% after the approval of the spot Bitcoin ETF. Currently, Ethereum is trading near $2,650, and in the last 24 hours, it has experienced over a 3% upside momentum. If we look at Ethereum over a longer period in the last 30 days, it has experienced over a 20% upside momentum.
According to expert technical analysis, ETH is currently bullish, as it has recently broken out of the consolidation zone. Before consolidation, Ethereum broke out of the descending triangle pattern and is trading above the 200EMA (exponential moving average), which is a bullish sign in technical analysis terms. If this bullish momentum continues, we may see an upside movement towards the $3,550 level.
