Ethereum, the second-largest cryptocurrency by market capitalization, topped $3,000 again in early trade today, representing an 81% year-over-year increase, according to CoinGecko statistics.
Ethereum briefly surpassed the $3,000 mark on Tuesday, a high last attained in April 2022, but was unable to move any higher.
Bulls persevered in their efforts to hold ETH above $3,000, but their actions have yet to provide the desired results, with ETH currently trading below this level. This situation has played out for the past three days, including today. At the time of writing, ETH has increased 1.93% in the previous 24 hours, reaching $2,977.
In a surprising move, a giant whale chose to dump a large chunk of Ethereum when the price approached $3,000.
https://x.com/lookonchain/status/1760585959400411287?s=20
According to on-chain analytics service Lookonchain, a whale dumped 16,597 ETH worth $48.7 million at $2,934 on decentralised exchanges (DEX) during the last 24 hours. The whale’s action sparked concern in the cryptocurrency community, as it might signify pessimistic emotions or a profit-taking scheme.
It proved to be a profit-taking approach. According to Lookonchain, the whale profited over $5.5 million from this manoeuvre, which resulted in the deposit of millions of ETH on exchanges.
According to Lookonchain, the whale purchased 16,599 ETH worth $43.16 million from the OKX crypto exchange via five wallets on January 12 at a price of $2,600, and then sold when the ETH price hit about $3,000.
Expectations are mounting ahead of the highly anticipated Dencun hard fork on March 13.
In anticipation for this event, Ethereum developers have published Geth v.1.13.13, a small upgrade that addresses a variety of concerns related to the upcoming Cancun mainnet fork. Alsages (v1.13.13) improves block production performance for Cancun blocks with blobs and overall memory stability across all Geth nodes.
