ethereum (eth) has remained above the $2,000 mark as investment products rose significantly following the exchange-traded fund proposal.
The largest asset manager with $9.4 trillion in assets under management, BlackRock, registered an iShares eth Trust on November 9. Since the proposal, ethereum saw a 9% increase, surpassing the crucial $2,000 mark.
<img decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2023/11/ethereum–eth-11.45.20-14-Nov-2023.png” alt=”ethereum Maintains Position Above $2,000 Following ETF Proposal Rising – 1″/>
According to data provided by Santiment, following the surge, whale transactions consisting of at least $100,000 in eth increased by 25% in the last 24 hours, going from 2,151 to 2,678 transactions over the last day.
According to a crypto.news report on November 13, whales have accumulated over $58 million in Aave (AAVE), ethereum, Arbitrum (ARB), Pepe (PEPE), and a few more altcoins over the past week.
With the increase in whale activity, data provided by Santiment shows that the divergence between the price and daily active addresses (DAA) of eth plunged deeply, decreasing to a negative 45.17%. When the DAA price divergence falls below zero, the indicator suggests a “sell” signal as large whales could manipulate the market.
On the other hand, according to Santiment, ethereum‘s total open interest (OI) decreased from $4.15 billion on November 10 to $3.85 billion at the time of writing.
Additionally, eth‘s Binance funding rate currently stands at 0.02%, suggesting dominance by short position holders until further moves occur.
ethereum is up 0.7% in the last 24 hours and is trading at $2,050 at the time of writing. The asset’s market capitalization increased to $247.5 billion with a 24-hour trading volume of $13.4 billion.
