- Ethereum (ETH) shows bullish momentum at $3,900.71 with strong market activity.
- Whale transfers of 72,419 ETH to Binance signal increased market interest.
- Ethereum Spot ETFs attract $23.6 million in inflows, highlighting rising demand.
- ETH could surpass $5,000, with key indicators pointing to higher targets.
Ethereum (ETH) is showing positive signs of upward movement despite experiencing a slight dip in price over the past week. Currently, ETH is trading at $3,900.71, with a market cap of $469.81 billion and a 24-hour trading volume of $34.31 billion. Although it has seen a minor decrease of 0.22% in the past 24 hours, the overall price trajectory remains bullish, indicating potential for further price gains in the coming days.
Whale Activity and Binance Deposits Raise Eyebrows
Recent data from Lookonchain reveals some intriguing whale activity related to Ethereum. A whale, allegedly linked to Nexo, recently unstaked 18,000 ETH, worth approximately $70.8 million, just one hour ago. Following this move, the whale proceeded to deposit the entire amount into Binance, a major cryptocurrency exchange.
Since December 2, this whale has transferred a total of 72,419 ETH (worth $270.6 million) to Binance, leaving it with a remaining balance of 42,108 ETH, equivalent to $165 million. This surge in large transactions suggests increased market interest and could potentially lead to larger price swings as institutional players become more active in the ETH market.
Ethereum Spot ETFs Continue to Attract Inflows
Ethereum’s growing appeal is also reflected in the performance of Ethereum Spot ETFs. According to data from SoSoValue, Ethereum’s Spot ETF saw a net inflow of $23.6 million yesterday, marking the 15th consecutive day of inflows. The BlackRock Ethereum ETF (ETHA) alone accounted for a net inflow of $9.5 million in just one day. With a total net asset value (NAV) of $13.78 billion, ETH ETFs are receiving significant attention, which may contribute to increased demand for ETH and further price stability.
Ethereum $5K Target in Sight
Ethereum’s future price potential looks promising, according to insights from CryptoQuant. The platform’s data suggests that ETH could soon break above $5,000, bolstered by a strengthening demand and supply dynamic.
A key indicator to watch is the realized price upper band, which currently stands at $5.2k. This level aligns with the peak of the 2021 bull run, a strong signal that ETH could be on track to revisit—and potentially surpass—its previous all-time highs.
With whale movements, sustained ETF inflows, and bullish technical indicators pointing toward higher targets, ETH is well-positioned to continue its positive price trajectory. Market participants will watch closely for signs of continued growth, particularly if the cryptocurrency can maintain its upward momentum in the face of market fluctuations.
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