The second largest cryptocurrency by market cap, Ethereum (ETH) broke past $3,000 and has pushed the price up over $3,100, leading to renewed excitement in crypto world.
The last eight years have seen Ethereum grow into the second largest cryptocurrency and for this this price jump from $11,100 to $13,200 is signaling growth, says on chain analytics firm Santiment.
Crypto Ethereum Surges Above $3,100, Fueled by Whale Activity
ETH had increased by 4.92% over the past 24 hours and currently can be traded for $3,189, up 30% on the week at press time. Indeed, Ethereum is outperforming Bitcoin in daily and weekly gains, despite record highs above $79,000.
Ethereum crosses $3,100 and is supported by a surging whale activity and daily transaction volumes of more than $10 billion, according to Santiment.The highest level of whale transactions, 8,482 ETH, was recorded since August 4.
The largest total ETH transaction volume since that time is now $10.4 billion.The ascent of Ethereum’s price, which kicked off on November 5, is now the network’s fifth consecutive day of gains.
Now, through this rally, ETH has managed to break past key resistance areas not only of the lines of the 50 day and 200 SMAs but also from $2,579 and $2,955 respectively.
It also notes that ETH spike is the currency’s first time over $3,000 since July when its price hit a peak of $3,563 before falling.
A key driver has been the rise in whale activity, with significant growth in large transactions bringing ETH to an 14 week high.
Another reason for ETH surge could be that the broader crypto market’s upward trend, thanks to the Bitcoin bull run, has probably had something to do with it. Bitcoin often makes a profit that is reinvested into Ethereum, according to Santiment that this might continue and in turn take ETH towards its all time high.
