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Analysts reported that there is growing demand for ethereum due to the growing appeal of the digital currency to large investors.
The whale activity serves as one of the indicators that the cryptocurrency is gaining momentum for possible significant growth, capitalizing on the positive market sentiment towards the crypto industry.
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Increased whale activity
Santiment reported that the number of transactions carried out by ethereum/” rel=”nofollow”>ethereum Whales have seen a huge increase in recent days.
eth bitcoin-whale.asp#:~:text=A%20crypto%20whale%20is%20a,also%20create%20price%20volatility%20increases.” rel=”nofollow”>whales They refer to large investors who have the ability to influence market sentiment and the availability of digital currencies.
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ethereum, currently at $3.12K, is finally showing the growth that helped it rise to the second market cap asset in crypto, largely remaining in this position for the past 8 years.
Whale trading data indicates a significant increase in activity from key stakeholders…. pic.twitter.com/CWPpeMPWla
– Sentiment (@santimentfeed) twitter.com/santimentfeed/status/1855432416770290081?ref_src=twsrc%5Etfw” rel=”nofollow”>November 10, 2024
Analysts said that the daily transaction value of eth has already reached $10.4 billion, driven by increasing whale activity and a growing number of daily ethereum transactions, and said this is a bullish indicator for the ethereum network. digital currency.
It also indicates that there is increasing commitment to eth from large investors, smaller traders, and institutions.
According to analysts, ethereum hit a 14-week high due to high whale activity, indicating that high-risk investors are once again finding confidence in the coin.
Market traders added that if many large wallets buy or hold eth, they believe these activities can benefit support and price growth. They see it as a “good sign” of the real situation of the market.
On the way to growth
The analysts said that the large trading volume of eth indicates that the coin could be closer to a new record, explaining that these transactions showed the coin retreating into a bull market cycle that often led to a rise in price. of cryptocurrencies.
At the moment, eth is up 5.21% in the last day and is now trading at $3,184.
Market observers noted that strong network activity in crypto means that there is high price stability in the price of the coin, making eth an asset and an ecosystem. A perfect combination that usually ensures that more investors participate in the blockchain.
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twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#ethereum twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth At $3,000 today is just the beginning! https://t.co/gpAfqbe2v5
—Ali (@ali_charts) twitter.com/ali_charts/status/1855147450572369936?ref_src=twsrc%5Etfw” rel=”nofollow”>November 9, 2024
just the beginning
Analyst Ali Martinez sees eth surpassing the $3,000 mark as a positive sign of a bullish narrative for the coin, and says it is just the beginning of its rise that could reach $10,000.
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Meanwhile, Henrique Centieiro, a venture capitalist, claimed that eth is moving towards what he coined “scarcity mode.” Centieiro explained that more than 42.6% of all ethereum is currently locked in staking contracts, which may contribute to declining availability of the coins on exchanges, a perfect recipe for a price rally.
He added that such conditions and the growing attractiveness of eth to investors indicate a strong return for eth in the long term.
Featured Image by Forbes, Chart by TradingView
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