Ethereum price to reach the $3K mark any time soon. Ethereum was bullish throughout February with a 20% hike within the last seven days.
Ethereum price has hiked by 20% in the last week and is constant on that. It might cross the $3k mark anytime soon with the ongoing bullish path. The crypto market is in the greed zone with a score of 75, and popular cryptocurrencies are bullish, including Ethereum. Ethereum is closer to $3k, and analysts predict the $3500 mark with the peaking trading volume in the last 30 days. Will the Ethereum price cross $3K? You should HODL or Sell? Let’s talk about that.
Mysterious Ethereum Whale Influencing Ethereum Price
Ethereum prices have surged over the past few days, and a mysterious whale is said to be the reason behind it. Blockchain analytics platform ‘Spot On Chain’ has discovered a whale making a significant purchase within a short duration.
Initially, the whale acquired 32,002 ETH, valued at $90 million, swapping 60 million USDT for 21,353 ETH via 1inch and withdrawing 10,649 ETH worth $30 million from Binance. Sometime after that, the whale again made a purchase of 22,719 ETH, equivalent to $65.7 million, where it withdrew 19,226 ETH, worth over $55 million, from Binance and swapped it with 10.1 million USDT for 3,493 ETH via 1inch.
All this happened within the 24 hours over the weekend, which led to a surge in Ethereum prices, bringing it to the $2900 mark. Ethereum was already bullish through February, and at the time of writing, it’s trading at $2,913.04 with a trading volume of $12,944,885,219.
Will Ethereum Price Reach $3K? Hold or Sell?
Within the day, Ethereum is at a hike of 3.97%, and the current value is $2,913.04. It reached the all-time high of the day of $2,913.04 and is still maintaining a rhythm with it.
Also, around 30,206,801 ETH is staked on the chain, which is a fourth of the total circulating supply. It shows the shortage of the ETH token in the market and usually indicates a boost in the token value.
Many people have analyzed the graph and believe Ethereum price to hit the $3k range anytime soon. At the same time, Bitcoin is around the $52,000 mark, and the whales are trying to bring the Ethereum for the same.
The reserve trend of Ethereum also plays a role in it. According to CryptoQuant’s Exchange Reserves metric track, an increasing number of people are depositing Ethereum in the exchange’s wallet. It indicates people’s tendency to sell in the short term. Within three days, investors have shipped around 80,222 ETH coins into long-term storage and staking contracts, leaving around 13,980,288 ETH in their trading wallets.
Based on the Ethereum trading volume and reserve trend analysis, there is a chance for it to reach a higher spot. It has the potential to cross the $3K mark anytime soon.
Several factors can impact the decision of investors, so there’s a chance of price decline before getting to $3K. A technical analysis is necessary for every individual for the next step.Â
Conclusion
Ethereum is the second biggest cryptocurrency, so it always has the attention of investors. In the last week, only its price has hiked more than 20% and can cross the barrier of the $3K mark anytime soon if it keeps the bullish trend. Some people have also predicted to see it reach to $3500 mark soon after this. Will you HODL or sell Ethereum?
