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Ethereum (ETH) enthusiasts are eagerly awaiting as the price of the altcoin sees a notable increase of 5%, approaching the significant milestone of $4,000. This anticipation is fueled by a high accumulation of ETH and positive market sentiment, signaling a potential rally for ETH.
Pulse Chain and Pulse X Aggressively Accumulating ETH
Recent data from the on-chain data platform Spot On Chain reveals a significant increase in ETH accumulation by investors, providing a strong foundation for the altcoin’s price rise. According to the data, wallet addresses associated with Pulse Chain and Pulse X have purchased a total of 163,295 ETH, worth approximately 620.7 million DAI, in the last few days.
Transactions linked to Pulse Chain/X wallets are influencing ETH prices and demonstrating the active participation of institutional and individual investors in the cryptocurrency market with high profit expectations.
Positive market sentiment for the altcoin king, Ethereum, is further enhanced by various factors including the planned Dencum update on March 13th, which aims to revolutionize Ethereum’s Proof of Stake (PoS) consensus mechanism, alleviate network congestion, and increase scalability. Additionally, the expectation of approval for spot Ethereum ETFs awaiting SEC‘s green light is bolstering investor confidence, drawing parallels with the success of spot Bitcoin ETFs.
CoinGlass‘s data indicates that Ethereum’s open interest has risen by 3.71% in the last 24 hours to $13.25 billion, while open interest in Ethereum options has increased by 1.63% to $6.38 billion during the same period. The strong rise in open interest paints a positive picture for Ethereum’s market outlook. The promising Dencum update and the awaited SEC approval for spot ETFs continue to add momentum to Ethereum’s trajectory.
Current State of ETH
At the time this article was written, ETH‘s price has risen by 4.53% in the last 24 hours, trading at $3,956. According to the data, the daily trading volume of the altcoin king is around $21.63 billion.
Data from CoinMarketCap shows that the highest level for the altcoin king in the last 24 hours was recorded at $3,958, while the lowest level was recorded at $3,768.
