The post Ethereum (ETH) Skyrockets: Whale Activity, ETF Approval, and Key Catalysts Propel Bull Run appeared on BitcoinEthereumNews.com.

Ethereum sees a significant increase in price as the news of spot ETF approval starts circulating. Ethereum whales have become more active recently. ETH is attempting to establish the $3,600 range as its support. Ethereum’s price surges as whale activity increases and ETF approval news spreads, indicating a bullish trend for the cryptocurrency. Ethereum’s Price Surge Amidst ETF Approval News Ethereum has experienced a notable price increase as rumors of the approval of a spot ETF begin to circulate. This development has sparked significant interest and activity among Ethereum whales, who have been making substantial moves in the market. Whale Activity and Market Impact Recent analysis has revealed that Ethereum whales have become increasingly active. Before the Ethereum ETF was approved, a particular whale address made bold moves by acquiring more ETH at a specific price level. This address saw a significant unrealized profit, and further analysis showed a similar pattern among other whale addresses in the lead-up to the ETF approval. Whale Acquisitions and Ecosystem Tokens An analysis by Lookonchain revealed that a particular whale wallet anticipated the approval of the Ethereum spot ETF and made a substantial purchase of ETH. The data indicated that the whale acquired 8,733 ETH at approximately $3,054.56, totaling around $26.67 million. As a result, the whale wallet now holds approximately $6 million in unrealized profit. Following the approval of Form 19b-4 by the Securities and Exchange Commission (SEC), the whale proceeded to purchase other tokens within the Ethereum ecosystem, amounting to $24.7 million. Among these tokens is the Lido DAO (LDO) token, which represents the platform with the highest volume of ETH stakes. The unrealized profit for these ecosystem tokens in the wallet stands at around $1 million. Increased Whale Activity AMBCrypto’s analysis of Ethereum addresses holding 10,000 or more ETH revealed a…

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Filed under: News - @ May 27, 2024 1:06 am