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The largest altcoin by market value, Ethereum (ETH), has joined the strong upward surge pushing the market higher. As a result, ETH has increased its weekly gain to over 12%, surpassing the $3,500 level. Currently trading at $3,475 with a market value of $416 billion, Ethereum’s trading volume has increased by 43% in the last 24 hours, exceeding $16 billion.
Investor Focus Shifts from Bitcoin to Ethereum
In the midst of Ethereum’s current rise, on-chain data provider Look On Chain highlighted a notable shift in whale activity from Bitcoin (BTC) to Ethereum. The data provider pointed out a transaction by a whale-level crypto investor related to this finding.
A crypto whale detected by Look On Chain took advantage of the rising expectation towards Ethereum and made a series of transactions, earning over $300,000. Accordingly, a crypto whale first exchanged 1,500 ETH for 88.68 Wrapped Bitcoin (WBTC) and then converted the WBTC back to ETH, pocketing a profit of approximately 97 ETH, or about $338,000.
Ethereum Could Rise to $4,000 with Dencun Update
The expectation surrounding the upcoming Dencun update for Ethereum is a closely watched update by the entire crypto world. This update aims to significantly reduce the cost and complexity of Layer 2 transactions, creating a major improvement in the Ethereum network.
With the introduction of Blob and proto-danksharding, data storage on Ethereum’s Layer 2 networks will become more affordable, offering the same level of security at a lower cost. Analysts are optimistic about the impact of the Dencun update on Ethereum’s price, with expectations of a rise to $4,000 following its successful implementation.
Another significant event closely monitored by the crypto world for Ethereum is the SEC‘s decision in May regarding Fidelity’s application for a spot Ethereum ETF. Although the general expectation in the market is for approval, the anticipated decision continues to be a topic of debate among investors and analysts alike.
