Ethereum

The biggest altcoin, Ethereum (ETH) bagged fresh gains in Monday trading hours following Bitcoin’s lead. On-chain data shows that the <a href="https://news.todayq.com/will-ethereum-fall-more-whales-deposit-109-mln-eth-to-dex/" rel="noopener noreferrer nofollow">crypto whales</a> were making several moves amid Ether’s run-up to the $4,000 market, while analysts suggest renewed bullish sentiments for the crypto. Ethereum up by 7% 
Ethereum price jumped by around 7% in the last 24 hours defeating the increased selling pressure in the market. ETH saw some troubled times over the past few weeks as its price dropped by around 8% in the last 30 days. This shows the kind of load pinched by sellers.
Ether managed to emerge from the recent dump. It is trading at an average price of $3,637, at the press time. ETH is still trading lower than 25% from its all time high (ATH) of $4,891 record on November 16, 2021. However, it recently broke through the crucial $4k price level, anticipating to hit a new record.
Experts suggest that Positive funding rates and an uptrend in Open Interest indicate a bullish sentiment with an increased activity in the futures market. Data shows that the total ETH Futures Open Interest stood at $14.31 billion. This is a surge of over 8% in the last 24 hours.
This suggests that traders are aggressively executing long positions that signal confidence in Ethereum’s future price trajectory. ETH’s 24 hour trading volume is up by 85% to stand at $17 billion. However, it market cap is trying to hit $500 billion. Whales on the move 
SpotOnChain reported that during the ETH’s leap to breach $3,600 two crypto whale went on to withdrew have amounts of coins. It highlighted that the whales moved 11,657 Ether (approx worth $40.28 million) from from the crypto exchange Binance at a price of $3,455.
Meanwhile, other on chain data shows that several whales were accumulating before the price surge. It mentioned that in the last 24 hours two whales spent a total of $35.11 million in stablecoins to buy 10,322 Ethereum, allegedly pumping the price above $3,400.&nbsp;
It stated that there were 8 wallets which might be one entity that spent 20.86 million USDT to buy 6,145 ETH at $3,395. However, a Whale 0x5e9 spent 14.25 million DAI to buy 4,178 ETH at a price of $3,410.
These whales’ actions indicate confidence in Ethereum’s potential for future price appreciation and build a further support for a bullish sentiment.

Will Ethereum whales guide Ether to new ATH?

Todayq News

Other articles published on Apr 8, 2024

KEKW Launches on Solana: A New Meme Coin with a Laugh

Shiba Inu (SHIB) Declines 11.16% in April, Solana (SOL)'s Q1 Victory Amid Technical Troubles and ...

12 Days Until Bitcoin Halving: Why $100,000 Isn’t Much Further Away

Decentralized Exchange PancakeSwap Ignites Price Rally with Major CAKE Token Burn

ParaSwap DAO allocates funds to compensate hack victims

5 Best Gaming Tokens: KangaMoon, Immutable X, Gala, Axie Infinity, and Floki Spearheads Innovatio...

Join our free newsletter for daily crypto updates!