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Ethereum (ETH) surged past $3,400 today, marking the second consecutive day that the digital asset has outperformed Bitcoin (BTC) in price action. Meanwhile, Donald Trump-linked decentralized finance (DeFi) project, World Financial Liberty (WFL), continues to accumulate more ETH.
Ethereum Crosses $3,400, ETH Holders Rejoice
Momentum appears to be shifting in favor of the second-largest cryptocurrency by market cap, as ETH soared past $3,400, registering a 4.4% gain in the past 24 hours. Analysts are now predicting strong price appreciation in the near future.
Crypto analyst Ted noted that ETH has entered its short-term expansion phase and could climb to $4,000 before experiencing any significant pullback. Furthermore, they projected that ETH could hit $4,500 in February, followed by a new all-time high (ATH) in March—especially if Trump’s WFL continues its aggressive ETH purchases.
Indeed, Trump’s WFL has been accumulating ETH at an impressive rate. Earlier today, Ted highlighted that the WFL wallet had purchased another $10 million worth of ETH. This follows an earlier acquisition of 6,041 ETH – worth $20 million at prevailing market prices – reported earlier this month.
Additionally, ConsenSys CEO Joseph Lubin recently hinted that the Trump family may leverage the Ethereum blockchain to launch new business ventures. However, details on the nature and timing of these ventures remain unknown.
Crypto trader Altcoin Scholar shared their insights on ETH’s bullish price momentum. The trader emphasized that ETH is currently trading within a large ascending triangle formation on the weekly chart, and a breakout above the $4,000 resistance level could skyrocket ETH to new ATHs.
How Are Ethereum Whales Reacting?
One of the best ways to gauge sentiment around a cryptocurrency is by tracking the trading activity of its largest holders. In this case, monitoring ETH ‘whales’ – investors with significant holdings – can provide insight into their confidence in the asset’s future price potential.
Recent on-chain data points toward huge accumulation by ETH whales. Between January 10 and January 17, large holders amassed more than $1 billion worth of ETH.
Most recently, 13 ‘mega whales’ – each holding more than 10,000 ETH – joined the network, further reinforcing the rising confidence among institutional and high-net-worth investors. At the same time, the Ethereum smart contract network continues to see an influx of new users.
However, not all ETH whales share the same bullish sentiment. Recently, one major holder sold more than 10,000 ETH at a loss exceeding $1 million. At press time, ETH trades at $3,422, up 4.4% in the past 24 hours.
Featured Image from Unsplash.com, charts from X and TradingView.com
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