Ethereum, the second-largest cryptocurrency in terms of volume, has surged to $2,100, displaying a strong price movement. This increase follows the debates initiated by the U.S. Securities and Exchange Commission (SEC) regarding the approval of a spot Ethereum ETF. At the time of writing, Ethereum’s market value stands at $252 billion, with a price of $2,099, recording a 2% increase.
Crypto analyst Michael van de Poppe focuses on Ethereum’s potential rise following Fidelity’s application. According to the application, he shared a tweet stating his belief that Ethereum could reach $3,500 by the first quarter of 2024, following Bitcoin’s rise.
According to new data, Ethereum whale accumulation continues strongly. Additionally, on-chain data shows significant changes in wallet ownership. According to Santiment, the largest Ethereum wallets exhibit a positive sentiment indicating a significant change.
While exchange wallets have decreased to a six-month low of 8.03 million ETH, non-exchange wallets have reached an all-time high of 41.03 million ETH. This trend indicates an increasing preference for self-custody as more coins move away from exchanges.
In November, Ethereum’s price increased by 13%, while Bitcoin’s rise remained at 8%. One of the several important factors contributing to Ethereum’s growth is Blackrock’s spot ETH ETF application. However, despite a decrease in media speculation about ETFs, the data shows that Ethereum’s price movements surpass those of Bitcoin. This trend in Ethereum may encourage volatile investors and short-term traders to invest more in ETH than BTC in December.