Ethereum Surges to $3,120 as Whale Activity Hits New High Since August

• Ethereum’s price reaches $3,120 as increased whale transactions signal renewed investor interest and strong market activity.
• Ethereum’s On-Balance-Volume (OBV) spike reflects growing buying power, indicating a potential for further price growth.
• Analysts attribute Ethereum’s rise to whale activity and Bitcoin’s momentum, suggesting sustained upward movement.

Ethereum’s price has surged to $3,120, marking a notable increase driven by a rise in whale transactions and elevated trading volumes. This price spike, reaching a new 14-week high, indicates a renewed interest among significant investors and large-scale holders, reinforcing Ethereum’s position in the current market rally.

Strong Whale Activity Drives Market Interest

Santiment, a well-regarded blockchain analytics firm, reports that Ethereum’s recent transaction volume has surged to $10.4 billion, its highest level since early August. This activity has been accompanied by a marked increase in transactions valued over $100,000, highlighting the interest of large-scale investors. In early November, Ethereum registered 8,482 whale transactions, the most since August 4, signaling robust market engagement from high-value investors.

These whale transactions not only contribute to Ethereum’s price increase but also underscore the growing interest from key players in the market. This pattern suggests that these influential investors are actively capitalizing on Ethereum’s potential during this phase of the bull market, adding momentum to the upward trend.

On-Balance Volume Reflects Strong Accumulation Trends

IncomeSharks, a prominent financial analysis platform, highlights a significant spike in Ethereum’s On-Balance-Volume (OBV) , an indicator that reflects cumulative buying and selling pressure. This recent OBV increase points to sustained accumulation by investors, suggesting stronger buying activity in the market.

Since October 2023, OBV has seen a marked rise from below 9 million, reaching 13 million by March 2024, indicating considerable interest. Although OBV declined from March to August, the metric surged again in early November, climbing from 10.5 million to over 11.5 million. This shift indicates that buyers are once again increasing their holdings, which could support further upward movement in Ethereum’s price.

Rising Market Sentiment and Price Momentum

Ethereum’s price momentum is closely linked to broader market trends, particularly the ongoing rally in Bitcoin. Many analysts, including those from Santiment and IncomeSharks, attribute Ethereum’s recent gains to Bitcoin’s rally, which has spurred renewed interest in other cryptocurrencies. As Bitcoin attracts more attention, profits are anticipated to flow into Ethereum, potentially driving its price higher.