Ethereum is currently the top trending token in the cryptocurrency market, following the filing of updated S-1 forms for Spot Ethereum ETFs by major financial players including Fidelity, VanEck, Franklin, 21Shares, Grayscale, and BlackRock.
Ethereum’s market value has climbed to $3,080, positioning it to potentially separate itself from the broader altcoin market.
Ethereum is the top trending token in crypto following updated S-1 forms filed for Spot Ethereum ETFs from Fidelity, VanEck, Franklin, 21Shares, Grayscale, and BlackRock. Currently sitting at a market value of $3,080, don’t be shocked if ETH separates from the altcoin pack. pic.twitter.com/vSeFk1cJwO
— Santiment (@santimentfeed) July 9, 2024
Despite reclaiming the $3,000 mark, Ethereum faces significant resistance around $3,200. Approximately 2 million addresses that previously traded ETH at this level are now at a loss, potentially ready to sell as they break even. However, bullish news, such as the approval of Ethereum ETFs, could prevent this sell-off and serve as a catalyst for further gains.
Ethereum has reclaimed $3,000 but faces significant resistance around $3,200.
Approximately 2M addresses that traded $ETH at this level are now at a loss, potentially ready to sell as they break even.
Bullish news can prevent this—could the Ethereum ETF be the catalyst for… pic.twitter.com/bymYgYPd0H
— IntoTheBlock (@intotheblock) July 10, 2024
On-chain reports indicate that a whale or institution withdrew 16,449 ETH (worth $50.3 million) from Binance as Ethereum’s price rebounded above $3,000. This marks the whale’s first large ETH accumulation, with all the ETH moved to a new wallet where they are currently held.
7 hours ago, a whale/institution withdrew 16,449 $ETH ($50.3M) from #Binance as the #Ethereum price rebounded to above $3,000.
This is the whale’s first large $ETH accumulation. So far, it has moved all $ETH to a new wallet and held them there.
Note that the ETH ETF is likely… pic.twitter.com/BBHOvWM3yx
— Spot On Chain (@spotonchain) July 10, 2024
Justin Sun-suspected Wallet Address Buys Additional Ethereum ETH
In another significant transaction, a suspected address associated with Justin Sun bought 1,614 ETH through 1inch at an average cost of $3,101, valued at $5 million. This address subsequently deposited 20,000 ETH into Aave. Since April 17, this address has accumulated a total of 65,878 ETH.
Additionally, the ETH2 Beacon Deposit Contract, which is used for staking deposits for Ethereum 2.0, now holds an all-time high of 47.36 million ETH. This amount represents 33.9% of the total supply, more than tripling from the 10.9% it held two years ago.
The ETH2 Beacon Deposit Contract, used for staking deposits for Ethereum 2.0, now holds an all-time high 47.36M ETH, This is good for 33.9% of the entire supply, and more than tripling since the 10.9% it held two years ago. pic.twitter.com/aCnEhfClfb
— Santiment (@santimentfeed) July 10, 2024
These developments underscore Ethereum’s strong market activity and growing institutional interest. As Ethereum continues to attract significant investments and staking participation, the approval of Spot Ethereum ETFs could further propel its market performance, reinforcing its status as a leading cryptocurrency.
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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