Ethereum (ETH) experienced a significant surge in U.S. trading hours, with a 6.5% gain to reach the $2,630 mark. This rapid increase is attributed to a growing market trend and the introduction of Australia’s first Ethereum spot ETF. Following a period of selling pressure in September, ETH has shown signs of recovery, generating positive expectations among traders.
Australia’s First ETH Spot ETF Debuts
Monochrome Asset Management is set to launch Australia’s first Ethereum spot ETF, IETH, on the Chicago Board Options Exchange (Cboe) platform. This ETF allows investors to directly trade physical Ethereum, injecting new life into the market. Monochrome previously took a similar step in June with the Bitcoin spot ETF, IBTC. This move for Ethereum is seen as a significant step towards regulatory compliance in the market.
Vitalik Buterin Proposes PoS Improvements
Vitalik Buterin, the co-founder of Ethereum, has put forward key proposals to enhance the Proof of Stake (PoS) mechanism. He plans to introduce a “single session finality” system to expedite block confirmation and suggests reducing the minimum required ETH for staking to one. This change aims to encourage greater user participation in the Ethereum network.
Galaxy Digital Transfers Large Amounts of ETH
According to Lookonchain data, Galaxy Digital’s OTC wallet transferred 13,580 ETH (approximately $34.3 million) to exchanges such as Coinbase, OKX, and Binance. Such significant movements of assets can create short-term price volatility and potentially lead to selling pressure.
44.4% of ETH Supply Concentrated in Whales
Data from the crypto analysis platform Santiment reveals that wallets holding large amounts of ETH account for 44.4% of the Ethereum supply. The continuous accumulation of ETH by whales indicates strong confidence in Ethereum among major investors and raises expectations for further price increases. Furthermore, the stability of whale transactions exceeding 100,000 ETH around the $1,520 level suggests that the market is in a strong consolidation phase.
Ethereum Prepares to Emerge from Consolidation
For the past two months, Ethereum has been trading within a triangular formation, indicating consolidation. This pattern has allowed buyers to gain strength as trend lines converge. The price of Ethereum is expected to rise to $3,500 and then $4,100. However, if market resistance persists, this process may be prolonged, and consolidation tendencies might continue.
The recent price recovery in Ethereum and the introduction of new financial products represent significant developments to monitor in the market. The increasing accumulation of ETH by whales could indicate a potential price breakout. Traders should maintain flexible strategies to seize new opportunities in these dynamic market conditions.
In summary, the momentum in the Ethereum market is picking up pace. The launch of the ETF in Australia, PoS improvement proposals, and large-scale asset transfers are key factors shaping the trajectory of ETH in the near term.