Dormant Ethereum Whale Reactivates as Ethereum Spot ETF Approval Triggers Rally, ERC-20 Presale Makes History
The post Dormant Ethereum Whale Reactivates as Ethereum Spot ETF Approval Triggers Rally, ERC-20 Presale Makes History appeared first on Coinpedia Fintech News
The cryptocurrency world is abuzz with excitement as a dormant Ethereum investor has suddenly roared back to life, coinciding with a remarkable surge in price following the landmark approval of the Ethereum spot ETF.
This groundbreaking move has been hailed as a major breakthrough, paving the way for widespread adoption and institutional investment in the cryptocurrency space.
Meanwhile, a certain coin’s presale has made history, shattering records and cementing its place in the cryptocurrency hall of fame. As the market continues to hum with anticipation, all eyes are fixed on Ethereum, eagerly awaiting its next move.
It’s clear that the approval of the Ethereum spot ETF has opened up a whole new world of possibilities for the cryptocurrency space – and we can’t wait to see what happens next!
Here we will look at the approval of the Ethereum spot ETF and the amazing presale of ERC-20.
Ethereum price drops but whale activity surges after spot ETF approval
The price of Ethereum (ETH) has been declining, falling below 3600 and losing 5.89% in the last seven days. But in spite of this decline in price, Ethereum whale activity has increased dramatically since the Ethereum spot ETF was approved.
The number of Ethereum addresses holding 10,000 or more ETH has climbed by 3% over the past three weeks, according to cryptocurrency expert Ali Martinez, suggesting a notable uptick in purchasing demand.
Technical experts think Ethereum (ETH) is ready for a possible rally, and the approval of the Ethereum spot ETF has been a significant milestone. The cryptocurrency recently broke through its consolidation pattern resistance, spurred by the Ethereum spot ETF approval news on May 20th.
Analyst RLinda notes that ETH is currently forming a consolidation pattern with the potential for an upward breakout, targeting the $3,830-$3,950 resistance.
The introduction of Ethereum spot ETFs has resulted in huge price gains for altcoins, like ETFSwap (ETFS), which experienced tremendous growth during presale rounds.
The introduction of the Ethereum spot ETF is estimated to pour billions into the ETH ecosystem within the first year, with ETFSwap ideally positioned to gain from this influx of capital. The Ethereum spot ETF has been a game changer, and its market impact is only now beginning to be seen.
Ethereum price analysis
Ethereum is now priced at $3,526.8, with a 24-hour trading volume of $15.46 billion and a market value of $422.30 billion. The 24-hour low is $3,435.71, and the high is $3,544.58.
Ethereum’s price has fallen below $3,500, showing investors’ cautious stance. The 24-hour change is -0.59%, while the seven-day change is -7.6%. A dovish approach from the US Federal Reserve might contribute to an upward trend for Ethereum, whilst a hawkish posture could result in more selling pressure.
ALGT: The amazing ERC-20 high-demand presale
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Thanks to its amazing ALGT presale, which earned an astounding $6.4M, the decentralized network has attracted a large user base. As the token moves through the Bonus Stage at $0.08, investors in Stage 2 also profited 100%. In its next phase, ALGT is anticipated to grow to $0.10, a 25% increase from its current price.
Analysts believe that ALGT will rise significantly—maybe even more than 1200%—after it launches on the major market, making it one of the best cryptocurrencies to purchase right now.
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