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Ethereum (ETH) Price Dodges Broader Market Selling Pressure As Whales Accumulate

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The world’s second-largest cryptocurrency Ethereum (ETH) breaks free from the broader market selling by gaining 2.5% in the last 24 hours. At press time, The Ethereum price is trading at $3,109 with trading volumes jumping 10% in the last 24 hours to $13.3 billion, and weekly gains extending past 7%.

Ethereum Whales Accumulate

Significant Ethereum (ETH) transactions indicate a notable trend of accumulation among whale investors. recently, the whales have withdrawn large sums of ETH from exchanges and staked them further.

As per data from Etherscan, address 0x8B94 has withdrawn a substantial amount of 14,632 ETH, valued at approximately $45.5 million, from the Binance exchange, staking it within the past six days. Additionally, two newly identified whale wallets have withdrawn a total of 6,000 ETH, equivalent to $18.7 million, from Kraken within the past two days.

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Analysts are closely awaiting the launch of the Ethereum Dencun upgrade scheduled for the next month of March. The upcoming Dencun upgrade is set to revolutionize Ethereum’s functionality and strengthen its position in the market. It will introduce proto-danksharding and data blobs, aiming to tackle crucial issues like transaction fees and network throughput, thereby enhancing Ethereum’s overall utility and competitiveness.

Furthermore, the Ethereum Denver 2024 will commence ahead this week on February 28-29, and we can expect some key announcements as well!

ETH Price Gearing for $3,500 and Above

The Ethereum price continues to show strength amid the broader crypto market consolidation as the altcoins gear up for a rally to $3,500. Throughout last week, the Ethereum price remained relatively stable, fluctuating between the horizontal levels of $3,030 and $2,875. After a strong rally, this period of consolidation likely provided Ethereum with an opportunity to regain strength.

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So far in 2024, Ether has outperformed Bitcoin and is likely to do so going ahead. The ETH/BTC pair has successfully surpassed the critical resistance level at 0.06 BTC, indicating potential for further upward movement. This breakout occurred after the weekly Relative Strength Index (RSI) experienced a breakout and subsequent retracement.

On the other hand, market analysts have been giving bullish and high price targets for Ethereum. Popular crypto analyst Doctor Profit expects the ETH price to touch $10K on a conservative basis. On an optimistic note, he suggests that the ETH price rally to $13K-$15K.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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