Ethereum

bullish

Jupiter

Jito

Crypto whales were seen massively investing in Ethereum (<a href="https://yellow.com/asset/eth" rel="noopener noreferrer nofollow">ETH</a>) on October 29, days ahead of the US election, signalling a <a href="https://www.cointribune.com/en/whales-are-betting-big-on-ethereum-is-a-rise-in-sight/" rel="noopener noreferrer nofollow">possible surge</a> in price.
The crypto market is rife with this speculation of an ETH surge over the number of new Ethereum wallets and whales' growing interest in the digital asset. The second largest cryptocurrency by market capitalisation is up for a bullish pattern it seems.
As we get closer to the US election, large Ethereum wallets are seeing some unusual activity, especially since October 24, revealed On-chain data analytics firm Sentiment. Even though ETH went through a price correction to $2,380 institutional investors like crypto whales kept buying it.
The price surge speculation is further aided by the staggering increase in new crypto wallets this month. At one point, the number of new wallets reached 6428 in a day, the highest since early September.
Meanwhile, Ethereum on-chain movement analysis suggests that most traders, especially institutional investors are taking a long-term accumulation strategy in the run-up to the US election instead of speculative transactions. Such a high number of purchases done by crypto whales often leads to bullish movement.
The rise in institutional investors’ ETH purchases can be attributed to the recent technical developments in the Ethereum network including DeFi growth and scalability solutions.
The crypto market is currently undergoing a phase of high volatility, marked by a resurgence of interest in meme coins and a general sentiment of FUD (Fear, Uncertainty, Doubt). Amidst this uncertainty, <a href="https://yellow.com/news/crypto-whale-withdraws-dollar91-million-bitcoin-from-binance-investors-want-to-hold-btc-ahead-of-us-election" rel="noopener noreferrer nofollow">crypto whales are accumulating </a>digital currencies like Ethereum and Bitcoin as we enter the final lap of the US presidential election.
Ethereum has been maintaining above the psychological support level of $2,600 in the 24 hours leading to October 29. It gained 1.9% during this time. The crypto market's confidence in the Ethereum ecosystem can be gauged from this resilience displayed by the token along with the rise in new wallets.
Other developments in DeFi technologies like Solana rising to $181 due to the launch of Jito and Jupiter are also helping Ethereum gain momentum.
Overall, analysts say a bullish movement is likely for Ethereum in the next couple of weeks as whales accumulate the digital asset and new crypto wallets are created. The coin might end a new phase of price appreciation banking on investors' confidence and resilient price trends.
As of October 31 morning, <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum is trading</a> at $2632 down 1.30% in the last 24 hours while its trading volume has decreased 0.39% to stand at $20.91 billion. The market cap of ETH is at $316.82 billion, down by 1.32%.

Whales Gather Ethereum Ahead of US Election, ETH Bullish Trend Expected

Yellow News

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