Ethereum Whale Buys $166 Million ETH as Prices Rise, $4k Next?

Paigambar Mohan Raj
Source: Bitcoinist

According to the data from SpotOnChain, an Ethereum (ETH) whale has purchased 58,134 ETH from Binance and 1Inch over the last three days. The whale spent almost $166 million, at approximately $2,850 per coin. SpotOnChain notes that the whale still holds 19.89M USDT, and may swap them for more ETH.

The whale’s massive purchase coincides with Ethereum’s (ETH) recent price spike. ETH briefly crossed the $3k mark for the first time since April 2022, almost two years ago. However, ETH has faced a slight correction and prices have fallen below $3k once again. Nonetheless, the second-largest crypto is still up by 6.2% in the weekly charts, 24.3% in the 14-day charts, and 23.1% over the previous month. Moreover, ETH’s price has surged by almost 74% since February 2023.

Source: CoinGecko

Also read: Ethereum ETF To Push ETH by 70% to $4000: Standard Chartered

Source: CoinCodex

According to CoinCodex, ETH could reclaim the $3k level once again on Feb. 23, 2024.

Will Ethereum (ETH) hit $4,000 next?

Ethereum Shows Steady Growth; ETH Could Hit $3000 With This Breakout

There is a lot of talk about a potential spot ETH ETF (Exchange Traded Fund) being approved by the US SEC (Securities and Exchange Commission) later this year. A spot ETH ETF will not be surprising, given that the SEC approved 11 spot Bitcoin (BTC) ETFs earlier this year in January. Some analysts anticipate a spot ETH ETF by May of this year.

Also Read: Execs Agree Spot Ethereum ETFs Face 50% Chance of Approval

According to executives from executives from Grayscale, Bitwise, and Galaxy, there is a 50% chance of a spot Ethereum (ETH) ETF approval. A green light from the SEC could push ETH’s price to new highs.

According to Changelly, ETH could reach a maximum price of $4,532.55 in 2024. Telegaon, on the other hand, anticipates ETH to hit a maximum price of $5,054.04 this year, which would be a new all-time high for the asset.