Ethereum is dominating the crypto conversation across platforms like X, Discord, Telegram, 4chan, and Bitcoin Talk.

The crypto community is eagerly anticipating the SEC’s decision on the first Spot ETH ETF, which could significantly impact the market. Additionally, speculation around Tether could drive a bullish market sentiment.

#Ethereum is the top trending asset in #crypto, according to #X, #Discord, #Telegram, #4chan, & #BitcoinTalk. Eyes are on the #SEC‘s decision to approve the first Spot $ETH #ETF. Also, #FUD-related #Tether talk could lead to big #bullish market rises. https://t.co/BHW7f6LUZh pic.twitter.com/0zDo2t63hU

— Santiment (@santimentfeed) May 20, 2024

With Ethereum surging past $3,000, gaining over 22% in the past 24 hours to reach a high of $3,800, it sits just above a crucial demand zone. Historically, over 5 million ETH were acquired by 2.96 million addresses in this range, providing strong support. This explosive move has put 90% of ETH holders in profit.

With $ETH back above $3k, it sits just above a significant demand zone.

Over 5 million $ETH was historically acquired by 2.96 million addresses. This is the strongest demand zone in the current range and could act as a significant support level. pic.twitter.com/6bsYZptOkn

— IntoTheBlock (@intotheblock) May 20, 2024

Bloomberg’s recent assessment increased the likelihood of the Ethereum ETF approval from 25% to 75%. This optimism has led to significant market cap gains across Ethereum and the broader altcoin market, with ETH surpassing $3,650 for the first time since April 9th.

Ether’s explosive move to $3600+ puts 90% of $ETH holders in profit. pic.twitter.com/ExkqY89OD1

— IntoTheBlock (@intotheblock) May 21, 2024

Massive Whale Accumulation On ETH During Recent Price Surge 

Onchain data reveals that whales have been accumulating Ethereum amidst this price surge. According to Spotonchain, notable trader James Fickel swapped another 350 WBTC for 6,905 ETH ($24.4 million) at approximately $3,534 per ETH, as the price soared 20% in 24 hours. 

Following @Bloomberg‘s assessment that the #EthereumETF is now 75% likely (up from 25%), #Ethereum and the entire #altcoin market has exploded with market cap gains across the board. $ETH has now crossed above $3,650 for the first time since April 9th. https://t.co/Bix6CVCfqc pic.twitter.com/R1g7eigxbK

— Santiment (@santimentfeed) May 20, 2024

Since December 30, 2023, Fickel, the founder of Amaranth Foundation, has been bullish on the ETH/BTC trading pair. He has borrowed and exchanged 2,741 WBTC for 50,688 ETH at an average ETH/BTC ratio cost of 0.054.

3 hours ago, James Fickel (@jamesfickel) swapped another 350 $WBTC for 6,905 $ETH ($24.4M) at ~$3,534 as the $ETH price soared 20% (24H)!

Note that since Dec 30, 2023, the founder of Amaranth Foundation has been bullish on the ETH/BTC trading pair, borrowing and exchanging 2,741… https://t.co/XOCt3o6QUw pic.twitter.com/Otdke3mYv5

— Spot On Chain (@spotonchain) May 21, 2024

This accumulation trend by large holders underscores the growing confidence in Ethereum’s potential. With the anticipated ETF approval and the current bullish sentiment, Ethereum could see further gains, solidifying its position as a leading asset in the crypto market. As the market continues to react to these developments, all eyes remain on Ethereum and its next moves.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ May 22, 2024 2:18 am