24/7 Cryptocurrency News

Is Ethereum (ETH) Price Heading To $2000 As Whale Activity Heats Up?

With large whale investors scooping up the second largest cryptocurrency, can Ethereum (ETH) price skyrocket to $2000 in 2023?
Published by
Is Ethereum (ETH) Price Heading To $2000 As Whale Activity Heats Up?

The Ethereum’s (ETH) price has recovered above $1,260 after wiping off losses incurred in the previous few months. After the local bottom of the Ethereum price on December 16, large wallet investors in the crypto market began scooping up ETH tokens in bulk. And, due to the whales’ increased activity over the past several days, Ethereum has experienced a 5% increase in price.

Advertisement

Massive Whale Activity Recorded

Santiment, an on-chain analytics platform, reported that 611 transactions were made by whales throughout the course of the previous day; which was valued to be more than $100,000. However, on Thursday, this number picked up steam and raced towards 419 transactions which totaled to be around a whopping $1 million.

The data also suggested that there was an ever-increasing demand for Ether among the whales, which lends credence to the previous statement.

Advertisement

Ethereum (ETH) Price Surge

This spike reported by Santiment is of a higher magnitude than the one recorded on December 16. One interpretation of this data point is that it indicates whales are bullish about the altcoin and are consequently purchasing more while the opportunity exists. This kind of support from such enormous holders might keep the surge going and drive Ethereum prices further higher.

Read More: What’s Making Cardano (ADA) Price Rally Over The Likes Of Dogecoin & XRP?

After the successful shift from the proof-of-work consensus process to the proof-of-stake consensus mechanism, the next key milestone for ETH holders will be the unstaking of Ethereum from the December 2020 contract. In recent weeks, developers have placed a higher priority on the token unlock than on other upgrades to the ecosystem, and have scheduled it to take place after the Shanghai hard fork.

As things stand, the price of Ethereum (ETH) is currently being traded at $1,246. This represents a decrease of 0.86% in the past 24 hours, in contrast to its 4.9% jump during the last seven days, as per crypto market tracker CoinMarketCap.

Also Read: What Are Music NFTs? How Are They Changing Music Industry?

Share
Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC

This week, corporate Bitcoin treasuries exceeded 1 million BTC in total holdings. From September 1…

September 7, 2025
  • Bitcoin News

Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH

Popular gold advocate Peter Schiff has criticized Bitcoin’s weakness against gold, calling it near bear…

September 7, 2025
  • Bitcoin News

Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure

Arkham Intelligence has identified 45,000 Bitcoin (BTC), valued at nearly $5 billion, that remains untouched…

September 7, 2025
  • 24/7 Cryptocurrency News

Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline

Ethereum ETFs faced a sharp investor pullback this week, shedding nearly half a billion dollars…

September 6, 2025
  • 24/7 Cryptocurrency News

World Liberty Financial Discloses Reason for Blacklisting 272 Wallets

World Liberty Financial (WLFI) has confirmed that it blacklisted 272 wallets and explained why it…

September 6, 2025
  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025