On October 29, cryptocurrency moguls suddenly bought large amounts of Ethereum (ETH), leading to speculation that the price of ETH might soar.

As more and more people opened new Ethereum wallets and became increasingly interested in this digital asset, rumors about ETH's price skyrocketing flooded the market. As the second-largest cryptocurrency by market capitalization, ETH seems to have strong momentum.

A company called Sentiment discovered that starting from October 24, especially as the election approached, those holding large amounts of Ethereum were very active. Although ETH's price once dropped to $2380, those large institutions, akin to 'cryptocurrency whales,' continued to buy incessantly.

This month, the number of newly opened cryptocurrency wallets has been astonishing, with one day seeing an increase of 6428, the highest number since early September.

Observing Ethereum's trading situation, many traders, especially those large institutions, seem to be looking to buy for long-term holding before the election, rather than trying to make quick profits in the short term. Such large-scale purchases by these institutions typically drive prices upward.

The main reason they are buying so much is due to several recent technical advancements in the Ethereum network, such as the growing popularity of DeFi and the resolution of some scalability issues.

Currently, the cryptocurrency market is highly volatile; on one hand, people have started to pay attention to those strange meme coins again, and on the other hand, many feel uncertain and a bit scared. But even so, as the election is nearing its end, those moguls are still frantically buying Ethereum and Bitcoin.

Currently, the price of ETH has consistently remained above $2600. Based on these observations and the number of new wallets, people still have a lot of confidence in Ethereum. There is no need to fear short-term corrections; corrections provide us the opportunity to enter the market! Welcome to my chat room for交流学习!