Ethereum Surges Past $2,900 As Dencun Update Anticipation Grows

The price of Ethereum (ETH) continues its upward trajectory, surpassing $2,900 with a gain of over 4% today.

This surge comes amid heightened anticipation for the upcoming Dencun update, signaling growing interest and excitement within the cryptocurrency community towards the altcoin.

Ethereum co-founder Vitalik Buterin’s recent discussion on the potential applications of artificial intelligence (AI) in the cryptocurrency realm has contributed to the buzz surrounding ETH. Moreover, recent reports of whale accumulation of the token further align with the surge in ETH’s price.

Prior to today’s price surge, on-chain data revealed significant activity from a massive whale, allegedly purchasing 32,002 $ETH ($90M) at an average price of ~$2,811 over the past 19 hours. 

This activity included swapping 60M $USDT for 21,353 $ETH via 1inch and withdrawing 10,649 $ETH ($30M) from Binance. The subsequent withdrawal of $USDT used to purchase $ETH from Binance further fueled the price rise by nearly 3%.

Ethereum Whale Movements To Monitor

Recent reports indicate that the same whale allegedly bought an additional 22,719 $ETH ($65.7M) at an average price of ~$2,893 in the past few hours, which included withdrawing 19,226 $ETH ($55.6M) from Binance and swapping 10.1M $USDT for 3,493 $ETH via 1inch. 

In total, the whale purportedly acquired 54,721 $ETH via Binance and 1inch at an average price of ~$2,845 ($155.7M) in the past 24 hours, propelling the price of $ETH above $2.9K.

In addition to the price surge, Ethereum supply staked reached 25% this week, with a significant portion flowing into restaking protocols. 

This increase in staked supply reflects growing confidence in Ethereum’s long-term potential and its role in shaping the future of decentralized finance and blockchain technology.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.