As Q2 ends, Ethereum (ETH) price surged 5%, exceeding $3,500, driven by increased whale activity ahead of next week’s spot Ethereum ETF approval. On-chain data shows Abraxas Capital withdrew 60K ETH, valued at $203 million, from Bitfinex, boosting the ETH price by 4% and resulting in a $6.5 million unrealized profit.
The Ethereum price is now up 4.19% at $3,499, with a market cap of $420.7 billion and daily trading volume up by 50% to $9.8 billion. This rally must close above $3,500 to target $4,000 and higher. Whales are also swapping altcoins for ETH, expecting a major rally.
ETF Store President Nate Geraci predicts the spot Ethereum ETF will be the second-most successful ETF launch in history, following Bitcoin ETFs. The SEC hints at approval by summer’s end, potentially sustaining ETH’s price momentum.
The strategic importance of this development lies in Ethereum’s potential for significant growth, fueled by investor excitement and institutional interest. For further details, visit CoinGape.
