Whale Accumulation Pushes Ethereum to New All-Time High

Ethereum, the world’s second crypto giant, is about to approach its all-time high of $4400, as it has just passed $4000. Recently most of the attention fell on Bitcoin and the first US Bitcoin ETF, however Ethereum is worthy of such attention as well.

With a market valuation of $493 billion, ETH is trading 8.38 percent higher at $4178. Such an increase in price comes as a result of big whale accumulation during the past weeks. 

The Ethereum billionaire whale has accumulated a lot of ETH in the period of 10 weeks, as reported by Santiment, the on-chain data source. 

Ethereum hitting new records is not surprising at all, the tweet starts. Main ETH addresses have started holding on to it from the month of August causing it to reach all-time highs all alone. Ethereum whales with 1M to 10M $ETH added 13.9% more to their wallets.

Expectations are High for Ethereum 

Bitcoin is not the only one with bullish predictions, as Ethereum quickly follows. Analysts have already started making big predictions for the world’s second-biggest crypto.

Raoul Pal, a famous analyst, keeping the ETHC – BTC price changes in mind, believes that Ethereum is heading to $40,000 by either March or June. 

He is pretty positive about the possibility of both ETH and BTC reaching higher prices. However, Pal feels the need to remind investors that after all this is just another prediction and nothing is certain in the crypto sector. He can have his expectations but not know for sure what is about to happen.

Pal is not the only one publicly sharing his predictions. Mark Cuban, the tech billionaire, is another name that considers Ethereum as the one with the most potential. 

Meanwhile, Ethereum continues to make significant progress in the field of decentralized finance (DeFi). On the Ethereum blockchain, more than $100 billion has been locked up on Defi platforms.

The total-value-locked (TVL) in Ethereum 2.0 Deposit Contracts, on the other hand, has recently surpassed $30 billion. As of today, the development of PoS Ethereum 2.0 is also successful. 

Also Read: Ethereum Price Prediction 2021 and Beyond – Can ETH Reach $20,000 in 2021?