Ethereum (ETH) surged by 5%, surpassing $3,500, amid increased whale activity ahead of the Ethereum ETF approval on July 8.
Whale Abraxas Capital withdrew 60,000 ETH, worth $203 million, from Bitfinex, boosting ETH’s price by 4% and gaining an unrealized profit of $6.5 million.
ETH is currently trading at $3,499 with a market cap of $420.7 billion, and its daily trading volume has risen by 50% to $9.8 billion.
To sustain this rally, ETH must close above $3,500, targeting $4,000 next. The excitement around the Ethereum ETF has led whales to swap altcoins for ETH.
Nate Geraci predicts the spot Ethereum ETF will be the second-most successful debut in ETF history, following Bitcoin ETFs.
The ETF approval could keep ETH’s price moving forward, reflecting strong investor interest and long-term potential.
