Ethereum‘s price surpassed the $3,100 mark and achieved a year-high of $3,184 last Sunday, eliciting enthusiasm among investors. Simultaneously, significant investors, colloquially known as ‘whales,’ seem to be anticipating a price surge, leading to more substantial acquisitions of Ethereum. Keeping a close eye on the rise, we have identified three whale wallets that are aggressively purchasing ETH.
Ethereum’s Big Buyers
A notable transaction was made by an Ethereum whale who acquired 6,000 ETH from the Kraken exchange. The whale’s wallet now holds 26,380 ETH, valued at approximately $80.69 million, highlighting their confidence in Ethereum’s growth potential. Another noteworthy purchase involved a different wallet buying 3,000 ETH, also via Kraken, drawing market-wide attention to the wallet identified by the address f7936eb4f723076d.
Market Dynamics and Upcoming Upgrade
After experiencing a 2.03% decline, the ETH price rebounded, coinciding with a significant rise in Bitcoin‘s value. The cryptocurrency, which was anticipated to retest the $3,000 support, seems to be distancing itself from that threshold. Further bolstering ETH’s price is the anticipation of the Denchun upgrade, which is expected to maintain the cryptocurrency’s upward momentum.
Grayscale has linked Ethereum’s recent price surge to the impending Denchun upgrade, set for March 13, 2024. The upgrade aims to enhance transaction efficiency and is predicted to have a positive impact on Ethereum’s network, which competes with faster blockchains such as Solana.