Ethereum (ETH), the second-largest cryptocurrency by market capitalization, surged by almost 30% in the past week to around $3,200.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, surged by almost 30% in the past week to around $3,200. However, market observers are now watching long-term investors and whale holders for signs of further continuation. ETH is now valued at $386 billion in market cap.
Whale transactions, including transactions over $1 million, have reached 8,482, while their total volume from these large deals has seen more than $10.4 billion. Renewed institutional investors and high net worth in the Ethereum space continue to show great interest.
Analytics firm Santiment says that Bitcoin's current bull run will see a redistribution of profits into Ethereum, hence pushing the asset toward new highs. According to the "Liveliness" metric, which measures holder behavior patterns, the trajectory of the cryptocurrency is largely dependent on the actions of its long-term holders.
Data does report a recent uptick in the Liveliness metric, which could mean that at least some of the long-term investors are taking profits in the current rally. If the trend persists, that could slow Ethereum's momentum, however, analysts believe that continued patterns of holding from these investors may offer support for the price appreciation desired.
Ethereum’s immediate challenge is at the resistance level of $3,327, which could give a clear path to $3,524 if it breaks.
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