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Ethereum (ETH) 
$2,794 experienced a robust surge during U.S. trading hours, gaining 6.5% to reach the $2,630 level. This rapid increase is linked to an expanding market trend and the launch of Australia’s first Ethereum spot ETF. Following the selling pressure seen in September, ETH has shown signs of recovery, generating positive expectations among traders.
Australia’s First ETH Spot ETF Debuts
Monochrome Asset Management is launching Australia’s first Ethereum spot ETF, IETH, on the Chicago Board Options Exchange (Cboe) platform. This ETF provides investors with the opportunity to trade physical Ethereum directly, injecting new energy into the market.
Previously, Monochrome took a similar step in June with the Bitcoin 
$109,807 spot ETF, IBTC. This development for Ethereum is seen as a significant move toward regulatory compliance in the market.
Vitalik Buterin Proposes PoS Improvements
Vitalik Buterin, co-founder of Ethereum, offered key proposals to enhance the Proof of Stake (PoS) mechanism. He plans to introduce a “single session finality” system to expedite block confirmation and suggested reducing the minimum required ETH for staking to one. This change aims to encourage greater user participation in the Ethereum network.
Galaxy Digital Transfers Large Amounts of ETH
According to Lookonchain data, Galaxy Digital’s OTC wallet transferred 13,580 ETH (approximately $34.3 million) to exchanges such as Coinbase, OKX, and Binance. Such significant asset movements can create short-term price volatility and potentially lead to selling pressure.
44.4% of ETH Supply Concentrated in Whales
Data from the crypto analysis platform Santiment reveals that 44.4% of the Ethereum supply is held by wallets with large amounts of ETH. This continuous accumulation by whales indicates strong confidence in Ethereum among major investors and raises expectations for further price increases.
Moreover, the stability of whale transactions exceeding 100,000 ETH around the 1,520 level suggests that the market is in a strong consolidation phase.
Ethereum Prepares to Emerge from Consolidation
Over the past two months, Ethereum has been trading horizontally within a triangular formation. This pattern has allowed buyers to gain strength as trend lines converge. The price of Ethereum is anticipated to rise to $3,500 and then $4,100; however, if market resistance persists, this process may be prolonged, and consolidation tendencies might continue.
The recent recovery in Ethereum’s price and innovations in financial products represent significant developments to monitor in the market. The increasing accumulation of ETH by whales could signal a potential price breakout. Traders should maintain flexible strategies to seize new opportunities in these dynamic market conditions.
In summary, the momentum in the Ethereum market is gaining speed. The launch of the ETF in Australia, PoS improvement proposals, and large-scale asset transfers are critical factors shaping ETH’s trajectory in the near term.
