Ether Touches $4,000 Mark: Can Whales And Staking Fuel The Rally?
Portfolio Pulse from Murtuza Merchant
Ethereum (ETH) reached the $4,000 mark, driven by a decrease in supply on exchanges, whale accumulation, and a rise in staking. Data shows a 20-month low in ETH balances on exchanges and an increase in wallets holding over $100,000 worth of ETH. Over $31.58 million ETH is now staked on Beacon Chain, representing 26.3% of the total supply. The popularity of liquid staking solutions and bullish sentiment in the derivatives market also support the rally. The potential approval of a spot Ethereum ETF could further boost ETH's price.
March 08, 2024 | 3:59 pm
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Ethereum's price reached $4,000, influenced by reduced supply on exchanges, significant whale activity, and increased staking. The potential for a spot Ethereum ETF could further elevate its price.
The decrease in ETH supply on exchanges and the increase in staking and whale activity indicate a strong bullish sentiment. The potential approval of a spot Ethereum ETF represents a significant opportunity for price growth, as it would allow traditional investors easier access to ETH.
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