The Ethereum market is experiencing notable accumulation, likely driven by confidence in the cryptocurrency's potential during this bullish phase. This positive movement has been fueled by speculation surrounding the potential approval of an Ethereum Exchange-Traded Fund (ETF). Furthermore, the implementation of the Dencun Upgrade, designed to enhance the network's scalability, security, and efficiency, seems to be impacting ETH's price positively.
Over the past three weeks, Ethereum (ETH) has traded within a sideways trend, fluctuating within a relatively narrow range. However, a significant shift occurred on Wednesday as the coin initiated a bullish movement. This upward momentum persisted throughout the week, resulting in Ethereum accruing gains of over 7% within five days and closing above $3,500.
The emerging bullish trend has persisted today across various timeframes, hinting at a potential shift in market sentiment. Consequently, prominent investors, often termed as "whales" in the cryptocurrency sphere, have taken advantage of this opportunity to amass more Ethereum tokens.
As per on-chain analytics shared by Godex AI on X, Spot on Chain data unveiled that two whales have executed significant transactions in the past few hours. These investors have allocated $35.11 million in stablecoins to acquire 10,322 ETH tokens. This substantial investment by these major players undeniably played a role in the recent price surge, driving Ethereum above the $3,500 mark.
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