The recent surge in Ethereum’s value, with a 5% increase, has sparked excitement within the crypto community. Ethereum’s price is now approaching $4,000, hitting a new high at $3,985.
This significant uptick is attributed to robust buying activity and an overall optimistic sentiment prevailing in the market, hinting at a potential further increase in Ethereum’s value.
Ethereum, the King of Altcoins, is poised to break its all-time high.
According to data from @intotheblock, with the current price at $3,870, 92.93% of Ethereum ($ETH) addresses are profiting from their positions.
Out of the 110.95 million addresses with a positive balance in… pic.twitter.com/Wq7i2iqtNx
— Slim Daddy◻️𓃵 ₿ (@felixreads) March 7, 2024
Remarkably, out of the 110.95 million Ethereum addresses with a positive balance, a staggering 103.1 million addresses are now ‘In The Money,’ reflecting widespread investor confidence.
According to on-chain reports, PulseChain and PulseX-related wallets have injected an additional 201M $DAI to acquire 51,809 $ETH in the past 10 hours, propelling the ETH price beyond $3,900.
Over the last 3 days, 21 wallets associated with PulseChain/X have collectively purchased 148,288 $ETH using 561.7M $DAI, realizing an estimated profit of $21.8M (+3.9%).
#PulseChain and #PulseX-related wallets spent 201M $DAI more to buy 51,809 $ETH in the past 10 hours, pushing the ETH price over $3,900!
In just the past 3 days, 21 wallets related to PulseChain/X have bought 148,288 $ETH using 561.7M $DAI at ~$3,788, now making $21.8M (+3.9%).… https://t.co/Q6kUmLPt0Z pic.twitter.com/3Bm6oyGWX2
— Spot On Chain (@spotonchain) March 8, 2024
Further contributing to Ethereum’s momentum, another 15,003 $ETH was acquired on-chain at approximately $3,932 using 59M $DAI by wallets linked to PulseChain/X within the past hour.
Another 15,003 $ETH was bought on-chain at ~$3,932 using 59M $DAI by wallets linked to PulseChain/X in the past hour!
Total amount purchased in the past 4 days: 163,295 $ETH (cost: 620.7M $DAI, avg price: $3,801)!
Est. unrealized profit: $24.3M. https://t.co/YAgSMo1b1X pic.twitter.com/mgDpJI44qC
— Spot On Chain (@spotonchain) March 8, 2024
The total amount purchased in the last 4 days stands at 163,295 $ETH, costing 620.7M $DAI, with an estimated unrealized profit of $24.3M.
31M Stablecoins Exchanged For 8,230 ETH And More To Watch
In addition, a savvy trader executed a strategic move by exchanging 31.8M $USDC for 8,230 $ETH at an average price of ~$3,864, marking the start of another lucrative trade cycle.
A smart trader who earned high ROIs from $ETH started another trade by swapping 31.8M $USDC for 8,230 $ETH at ~$3,864 9 hours ago.
In the past, the trader has completed 2 $ETH trading cycles and made an est. total profit of $13.36M.
The respective ROIs were +78.1% and +45.9%!… pic.twitter.com/mLYlCJIykf
— Spot On Chain (@spotonchain) March 8, 2024
This trader has previously completed 2 $ETH trading cycles, accumulating an estimated total profit of $13.36M, with respective ROIs of +78.1% and +45.9%.
Meanwhile, James Fickel(@jamesfickel) continues to leverage $WBTC borrowings from AAVE, exchanging them for $ETH to bet long on the ETH/BTC trading pair, amassing 2,031 $WBTC ($103M) and 36,677 $ETH since the launch of the Bitcoin ETF on Jan 10.
James Fickel(@jamesfickel) continues to borrow $WBTC and exchange it for $ETH to go long the ETH/BTC trading pair!
He has borrowed 2,031 $WBTC($103M) from #AAVE and exchanged it for 36,677 $ETH at 0.05539 since the #Bitcoin ETF launched on Jan 10.https://t.co/2W5FyKDEDa pic.twitter.com/o8j4wNxaQ4
— Lookonchain (@lookonchain) March 8, 2024
The Ethereum Blockchain’s significant accumulation suggests that $ETH is on track to surpass its ATH soon, with meme token speculation among the key drivers boosting weekly fees on Ethereum to their highest levels since May 2022.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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