In response to the query of when Ethereum is most likely to start rising, cryptocurrency researcher Ali Martinez—who frequently posts cryptocurrency charts for certain coins and offers commentary on them on his X app profile—shared this time a snapshot featuring an Ethereum chart from IntoTheBlock.
The expert believes that in order to accomplish that, the second-most popular digital currency must get over a significant obstacle in its path, namely the large supply wall at the $1,960 mark. Here, the snapshot shows that 1.14 million wallets bought an enormous quantity of Ethereum, over 33 million coins, according to the analyst’s X post.
https://x.com/ali_charts/status/1717507868365078607?s=20
New whales breaking their necks to buy ETH
Several brand-new wallets that had amassed a substantial quantity of Ethereum were identified earlier this week. 56,070 ETH were taken by four new blockchain addresses, who paid a total of $98.06 million in cash for it.
The Ethereum price surprised the cryptocurrency world at the beginning of the week by rising by a strong 10.57% to $1,846 per token. The world’s most popular cryptocurrency, Bitcoin, rose 11.73% that day, surpassing $34,000 and setting the bar for the rest of the market.
Ethereum price performance
The rising speculation that the SEC would shortly approve the Bitcoin spot ETF has helped Bitcoin, unlike other cryptocurrencies, maintain that level thus far. In fact, a number of prominent players in the financial industry, like Mike Novogratz, the CEO of Galaxy Digital, and Anthony Scaramucci, the founder of SkyBridge Capital, anticipate this favourable judgement being made this year.
In contrast to Bitcoin, Ethereum lost some of its Monday gains and fluctuated between $1,780 and $1,780 for a few days. Subsequently, following a 4.29% increase today, the second-largest coin has retreated to $1,821, where it is now trading as of this writing.
Ethereum and Bitcoin ETFs
ETFs for Bitcoin haven’t been the only thing in the headlines lately. October saw the introduction of many Ethereum futures ETFs, or “Uptober” as the cryptocurrency community likes to refer to it because of its optimistic outlook. Surprisingly, though, the trading volume of such items was not as great as anticipated.
Companies including ProShares, VanEck, Bitwise, Valkyrie, Kelly, and VolShares among others introduced the funds on the CBOE. During the first several hours of their trading debut, their total trading volume was only able to reach $1.7 million.
Within the first thirty minutes of trading, the volume of ProShares’ 2021 launch of a Bitcoin futures ETF shot beyond $200 million.
Along with Bitcoin spot ETFs, a number of Ethereum spot ETFs are now pending as the SEC considers them. Grayscale made the former filing.
