Ethereum's price has surged by 4.11% today, reaching $3,501.42, as investors rotate funds back into the cryptocurrency amid bullish signals. This upward movement comes after Ethereum successfully absorbed significant selling pressure from an ancient whale who offloaded over $224 million worth of ETH without causing a major price correction. The resilience shown by Ethereum in the face of such selling pressure is seen as a positive indicator of its market strength. Additionally, the Fidelity Ethereum ETF fund has recorded nearly $17 million in inflows, highlighting growing investor interest. Crypto analyst Belle noted that Ethereum is approaching a critical supply zone, suggesting that if consolidation is successful, new heights could be on the horizon.
The broader market sentiment is also contributing to Ethereum's rise, as Bitcoin regains its footing near $98,000, which has historically provided a supportive environment for altcoins like Ethereum. Furthermore, the ongoing bull market has seen increased interest in projects built on Ethereum's blockchain, such as Pepe Unchained and Cutoshi, which are attracting significant investment during their presale events. This renewed focus on Ethereum and its ecosystem is driving liquidity back into the cryptocurrency, supporting its price increase.