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Ethereum Whale Transactions Pick Up As ETH Approaches $3000

The world’s second-largest cryptocurrency Ethereum (ETH) has shown a strong move to the north extending its weekly gains by 15% and approaching $3,000. As of press time, ETH is trading 6% up at a price of $2,945 with a market cap of $353 billion.

Whales have turned active once again for the first time in the last three weeks. On-chain data provider Santiment reports:

Ethereum has surged back above $2,900 for the first time since March 2nd, and whale transactions are on the rise big time. Yesterday was the first day with over 7,000 $100k+ transactions on the $ETH network since the #war news broke.

Courtesy: Santiment

With the recent price surge, Ethereum (ETH) has managed to break above the resistance trendline for the first time this year. Thus, any push above $3,000 with strong volumes will help to break the psychological barrier and we might expect to resume the uptrend once again.

Additionally, data from IntoTheBlock shows that there have been massive ETH outflows from the exchanges this week in anticipation of strong bullish price action.

On Friday, March 18, exchanges recorded the largest single-day outflow for 2022 at a staggering 180K. The last time such outflows were recorded, ETH registered a 15% jump in the next ten days.

Ethereum 2.0 Developments

Ethereum developers have been pushing enough for The Merge and a smooth transition to Ethereum 2.0. Recently, the developers successfully implemented the merge of Ethereum “execution” layer and the “consensus” layer on the Kiln testnet.

Ethereum co-founder and ConsenSys CEO Joseph Lubin said he expects Ethereum 2.0 to come by Q2 2022. While speaking at the Camp Ethereal crypto event in Wyoming, Lubin said:

“The merge is happening, surprisingly, on that same timeframe. So my estimate stays the same. We have a team working strongly, heavily on it”.

Ethereum enthusiasts have been eagerly waiting for Ethereum 2.0 as it will further boost scalability while reducing transaction costs. Surprisingly, the Ethereum 1.0 platform is witnessing a strong drop in gas fees even today.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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