5 Things to Know as Ethereum Price Hit $2,500
Ethereum price surged 6.5% during the U.S. trading session on Monday, currently trading at $2,630. Amid the broader market uptick, the sharp recovery could be linked to the launch of Australia’s first Ethereum spot ETF (IETH) on the Chicago Board Options Exchange (Cboe). The rising ETH price poised to recover the loss from the late-September sell-off, indicates the potential for a prolonged upswing.
Australia’s First ETH Spot ETF Boost Ethereum Price to $2500
While the spot Ethereum ETFs are struggling to drive sufficient demand in the U.S. Market, Monochrome Asset Management is set to launch Australia’s first Ethereum spot ETF (IETH) on Cboe.
The ETF will start trading on Monday and will be the first to offer physical Ethereum subscriptions and redemptions, marking an innovative setup in Ethereum-based financial products. Monochrome previously launched Australia’s first Bitcoin spot ETF (IBTC) in June.
The new development highlights Australia’s efforts and institutional acceptance of cryptocurrency assets. Today, the Ethereum price surged by over 6.5%, reclaiming the $2,500 psychological level.
Vitalik Buterin Proposes Ethereum PoS Upgrades
Vitalik Buterin, Ethereum’s co-founder, has recently proposed key improvements for Ethereum’s Proof of Stake (PoS) mechanism. His vision revolves around two key ideas. First, the introduction of single-slot finality aims to confirm blocks in a single slot rather than multiple slots finality.
This shift will enhance Ethereum’s transaction throughput and security, streamlining the network’s overall performance.
Second, Vitalik advocates democratizing staking by lowering the Ethereum staking requirement’s barrier to 1 ETH. Doing so will open up Ethereum staking to a wide range of audiences, which could further secure the network through increased decentralization.
Galaxy Digital Moves 13,580 ETH to Major Exchanges
According to lookonchain analytics, a GalaxyDigital OTC wallet has recently transferred 13,580 ETH (worth approximately $34.3M) to three major cryptocurrency exchanges: Coinbase, OKX, and Binance.
The heavy movement of assets into exchange could trigger an initial volatility in Ethereum price or drive selling pressure.
A #GalaxyDigital OTC wallet deposited 13,580 $ETH($34.3M) to #Coinbase, #OKX and #Binance in the past 14 hours. pic.twitter.com/cqfAUw9RRy
— Lookonchain (@lookonchain) October 14, 2024
ETH Supply Held by Whales Grows to 44.4%
As per Santiment data, the ETH supply held by top addressive has steadily grown to 44.4%. This steady accumulation by large holders accentuates their growing confidence and anticipation of further price growth.
In addition, whale transactions involving more than 100,000 ETH have remained consistent, hovering around 1,520. Moreover, this stable level of high-value transactions indicates that large investors actively participate in the market.
ETH Poised for Breakout as Triangle Pattern Nears Conclusion
Over the past two months, the Ethereum price prediction showcased a sideways action resonating within the triangle pattern. The two converging trendlines drive a current consolidation, allowing buyers to recuperate from the bullish momentum.
With a high momentum rally, the ETH price is poised to breach the pattern’s overhead trendline. If the breakout holds the asset, the post-breakout rally could target $3 .5, followed by $4,100.
However, if dynamic resistance remains intact the potential reversal in Ethereum price could prolong the consolidation trend
Frequently Asked Questions (FAQs)
The recent surge in Ethereum’s price, which rose by 6.5%, is attributed to the launch of Australia’s first Ethereum spot ETF (IETH) by Monochrome Asset Management on Cboe
Galaxy Digital recently transferred 13,580 ETH, worth approximately $34.3M, to Coinbase, OKX, and Binance. This large movement of assets into exchanges could cause price volatility
According to Santiment data, the supply of ETH held by top addresses has grown to 44.4%. This steady accumulation by large holders suggests growing confidence in Ethereum’s future price appreciation
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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