As the second largest cryptocurrency by market cap, Ethereum has proved its worth; currently trading around $3,120. ETH’s upward trend has captured the attention of investors who are rekindling interest in Ethereum’s potential as well as expected another bull run.
One indicator of fresh optimism for the future of ETH is that a recent surge in whale activity suggests that large players are becoming involved again. ETH sets a 14 week high, as data shows a marked increase in whale transactions. In the past, whale activity has led price shifts historically, and an increased amount of major stakeholder swaps could mean a continued uptrend.
Ethereum Nears $4,000: Whale Activity and Market Sentiment on the Rise
With that, Ethereum’s transaction volume has just skyrocketed to a whopping $10 trillion as usage on the network ups. This is such substantial volumes of onchain transactions which both speaks to growing utility and trading interest in the network which is both a good sign of upcoming price increases. If demand keeps climbing, ETH could be on the verge of breaking above its previous all time high of $4,800.
They are keeping close eyes on the Bitcoin gains that prop up alt coins such as Ethereum. When Bitcoin leads the market rally, ETH may benefit from other inflows of capital to grow further. This encouraging trend has already made investors aware of the significance of important support levels, and generally, to keep a watchful eye on whale activity, which was proven to support long term price strength in the past.
This positive market sentiment and strong on-chain metrics are giving bolstering optimism that ETH will soon hit $4,000. And if the momentum continues it could kickstart another altcoin rally for investors and make Ethereum a more prominent player in the crypto space.
Given the growing network and high quantity transaction activity on Ethereum, investors have good reason to be optimistic on both the short and long term of the leading cryptocurrency. Ethereum’s future could be one of upping the ante as confidence builds and look to a future of further growth and momentum.
