5 Things to Know as Ethereum Price Hit $2,500

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As a seasoned analyst with a decade of experience in the cryptocurrency market, I’ve witnessed countless bull and bear runs, and I must say, the current surge in Ethereum (ETH) is quite intriguing. The launch of Australia’s first Ethereum spot ETF (IETH) on the Chicago Board Options Exchange (Cboe) seems to have ignited a spark that could potentially drive ETH prices to new heights.

During U.S. trading hours on Monday, the cost of Ethereum jumped by 6.5%, now standing at approximately $2,630. This surge might be associated with the debut of Australia’s first Ethereum spot ETF (IETH) on the Chicago Board Options Exchange (Cboe). The increase in Ethereum price suggests a potential continuation of the upward trend, as it aims to recoup the decline triggered by the sell-off at the end of September.

Australia’s First ETH Spot ETF Boost Ethereum Price to $2500

Although Ethereum ETFs have yet to generate enough interest in the United States market, Monochrome Asset Management is planning to debut Australia’s inaugural Ethereum spot ETF (IETH) on the Australian Stock Exchange via Cboe.

On Monday, the ETF commences trading, making it the pioneer to provide physical Ethereum subscription and redemption services. This groundbreaking move signifies a unique setup within Ethereum-related financial instruments. Previously, Monochrome introduced Australia’s initial Bitcoin spot ETF (IBTC) in June.

Today’s events underscore Australia’s ongoing commitment and openness towards cryptocurrencies, as the surge in Ethereum’s value by more than 6.5% has propelled it back above the significant $2,500 mark.

Vitalik Buterin Proposes Ethereum PoS Upgrades

Vitalik Buterin, one of the co-founders of Ethereum, has recently put forth suggestions for enhancing Ethereum’s Proof of Stake (PoS) system. His ideas center around two main concepts. Initially, he proposes the adoption of single-slot finality, which would verify blocks in a single time frame instead of the current multiple-slot finality approach.

Making this change will significantly improve the speed at which transactions are processed on Ethereum, boost its security, and optimize the network’s overall functionality.

Next, Vitalik proposes making staking on Ethereum more accessible by reducing the minimum requirement for staking to just 1 ETH. By taking this step, he believes that many more people will be able to participate in staking, thereby enhancing the security of the network due to increased decentralization.

Galaxy Digital Moves 13,580 ETH to Major Exchanges

As reported by lookonchain analytics, a digital wallet linked to GalaxyDigital has moved around 13,580 Ether (equivalent to roughly $34.3 million) to three significant cryptocurrency platforms: Coinbase, OKX, and Binance.

Investing a large amount of assets into an exchange might first cause fluctuations in the price of Ethereum, or it could potentially lead to increased selling activity.

Over the last 14 hours, a digital wallet associated with Galaxy Digital has transferred approximately 13,580 Ether (valued at around $34.3 million) to Coinbase, OKX, and Binance.

— Lookonchain (@lookonchain) October 14, 2024

ETH Supply Held by Whales Grows to 44.4%

According to Santiment’s data, I’ve noticed that the Ethereum (ETH) supply held by major addresses has gradually increased to approximately 44.4%. This consistent build-up suggests that these significant players are becoming more confident and are anticipating potential future price increases.

Furthermore, it’s worth noting that high-value whale transactions, exceeding 100,000 ETH, have maintained a steady pattern, averaging approximately 1,520. This consistent level suggests that significant players are actively engaging in the market.

5 Things to Know as Ethereum Price Hit $2,500

ETH Poised for Breakout as Triangle Pattern Nears Conclusion

For the last two months, the predicted price of Ethereum has been moving horizontally inside a triangle shape. The two lines that meet in this triangle are currently pushing for a holding pattern, giving investors an opportunity to regain strength from their previous bullish trend.

As the Ethereum price surges strongly, it’s ready to shatter the upper trendline of its current pattern. Should this breakout persist, the ensuing surge might aim for $3.5, and potentially even $4,100 thereafter.

5 Things to Know as Ethereum Price Hit $2,500

If the dynamic resistance continues to be strong, it might extend the ongoing period of sideways movement for Ethereum prices, suggesting a delay in any potential price reversal.

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2024-10-15 01:12