Ethereum Activity Soars 300% With $17 Billion on Move

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I find the recent surge in Ethereum (ETH) activity truly intriguing. The skyrocketing weekly transaction volume and the significant increase in large transactions are not just numbers on a screen to me; they represent potential opportunities that could significantly impact my investment portfolio.

Recently, there’s been a notable spike in Ethereum (ETH) activity, driven mainly by a substantial rise in larger-sized transactions.

As per the insights shared by Ali, a cryptocurrency expert, it was observed that Ethereum’s weekly transaction volume experienced a significant surge of more than 300%. On December 7 alone, an impressive daily large transaction volume amounting to $17.15 billion was reported.

Ali observed that a significant increase in large transactions on the Ethereum network is occurring. In just one week, the total transaction volume has soared more than three times, reaching an impressive $17.15 billion.

This week, we’re seeing a massive increase in significant Ethereum transactions! The weekly transaction volume has soared more than threefold, reaching an impressive $17.15 billion as of today.

— Ali (@ali_charts) December 7, 2024

A notable spike in big Ethereum transaction volumes indicates an uptick in trading by “whales” – major investors holding large amounts of the cryptocurrency. These substantial transactions, frequently over $100,000, suggest a significant rise in whale activity, be it buying or selling.

The heightened whale behavior appears to coincide with the recent surge in Bitcoin and Ethereum values. For the initial occasion, Bitcoin surpassed the much anticipated $100,000 mark, peaking at an unprecedented $104,000 during Thursday’s market session, setting new record highs.

As an analyst, I’m thrilled to note that Ethereum has breached the $4,000 mark once again, a feat it last achieved back in March of this year.

An uptick in significant trades can sometimes be seen as a positive sign, suggesting robust demand and a confident market outlook.

On December 6th, there was a total influx of approximately 108,045 Ether (worth around $433.15 million) into a collection of nine Ethereum-based exchange-traded funds (ETFs). Remarkably, on the previous day in the United States, these Ethereum ETFs recorded a historic inflow of approximately $428 million.

Ethereum price action

For the first time in this ongoing market surge, Ethereum surpassed $4,000 on Friday, peaking at $4,096. Since then, bulls have been persistently trying to breach the $4,000 threshold, but bears have consistently held their ground.

As I pen this analysis, Ethereum (ETH) is currently trading at a price point beneath $4,000, marking a 0.35% decrease over the last 24 hours, settling at $3,996. However, on a more optimistic note, it has registered an impressive weekly growth of 7.81%.

Looking at the upside, it’s important to note two key support levels: $3,680 and $3,523. As Ethereum has shown resilience during its upward journey, traders might view any drops as a chance to buy. This could lead to a surge beyond $4,094, potentially even reaching $4,500. However, this optimistic forecast could quickly change if Ethereum were to fall and break below the $3,523 level in the near future.

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2024-12-08 18:05