Ethereum (ETH) Price Skyrockets 5% as Whales Accumulate Ether Ahead of Potential Rebound

As the total crypto market cap surged over 2 percent in the past 24 hours to hover about $2.3 trillion on Friday, Ethereum (ETH) price led the altcoin

Crypto market cap surged over 2% to hover around $2.3 trillion on Friday, with Ethereum price leading the altcoin market in notable gains. Among the top-tier altcoins, Solana and Dogecoin also pumped over 4 percent, whereas Bitcoin price rose by 1.34 percent.

In the past 24 hours, the total crypto market cap surged by over 2 percent to hover around $2.3 trillion on Friday, as crypto prices continue rising following the recent rate cut by the US Federal Reserve. Among the top-tier altcoins, Ethereum price led the gains with a surge of over 5 percent.

Rising Demand from Whales

A whale bought 2,117.7 $ETH($5.17M) after the $ETH price rose and went long on $ETH through circular borrowing again!

He was also liquidated for 6,078 $ETH($14.7M) when the price plummeted on Aug 5!

In the past 6 months, he lost $13M by going long on $ETH!

He went long on $ETH… pic.twitter.com/URz01cfUv1

According to on-chain data in the past three weeks, more than 547k Ether, valued at over $1.26 billion, were deposited in various crypto exchanges. This comes amid the poor performance of the US spot Ether ETFs and the top-tier altcoin being stuck in a bearish outlook.

However, the behavior of the whales has changed in the past two days, with BlackRock’s ETHA leading the US spot ETH ETFs in cash inflows of about $5.24 million on Thursday. Notably, none of the US spot Ether ETFs recorded a net cash outflow on Thursday.

Bullish Crypto Outlook

The TD Sequential is now signaling a buy on the #Ethereum $ETH weekly chart, suggesting a potential rebound if the crucial $2,200 support level holds strong. pic.twitter.com/Fdor0G7waz

The cryptocurrency market has seen bullish momentum in the past few days following the Fed’s shift to the quantitative easing phase with a 5 bps rate cut on Wednesday. Bitcoin price led the altcoin market in a bullish outlook after teasing above $64k earlier today, as the Bank of Japan maintained its interest rates at 0.25 percent.

From a technical standpoint, Ethereum price is likely to continue rising and potentially outshine Bitcoin ahead amid the ongoing crypto cash rotation favoring altcoins. Notably, the ETH/BTC pair has significantly rebounded after dropping to a multi-year low earlier this month.

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