Ethereum’s Price Surges to 31-Month High as ETH Whales Continue to Accumulate, Is $800 Next?

Ethereum has recently been trading steadily above $700, and even surged above $750, hitting a 31-month high. Ethereum is currently trading at $751 at the time of writing, and is up by 1.5% in the past 24 hours, and over 26% in the past week. Although Bitcoin recently made new highs on consecutive days, Ethereum is still around 48% below its all time high reached in January 2018.

According to crypto analytics firm Santiment, Ethereum has crossed $750 for the first time in 31 months, as 39 more Ethereum addresses holding more than 10,000 ETH has been discovered compared to 2 months ago. Santiment explained:

“With $ETH crossing $750 for the first time in 31 months, we've discovered that there are 39 more #Ethereum addresses holding 10,000+ $ETH compared to just 2 months ago. Meanwhile, the amount of addresses holding 1-10,000 $ETH have shrunk over this time.”

Santiment believes that the massive drop of smaller ETH addresses was due to a decentralized finance (DeFi) related anomaly, considering how large of the dropoff it was. CEO of Nuggets News Alex Saunders commented:

“Whales accumulate $ETH as retail sells. This is exactly what happened to $BTC at $10k-13k before blast off.”

According to Saunders, Bitcoin’s strength could possibly open the doors for opportunities to profit from Ethereum and large-cap altcoins. He explained:

“Weekly RSI is at 92 & has never been higher. This also means #Bitcoin has never been stronger at this very moment in time. But also opens the door to a period that is less strong. I continue to believe there's better risk to reward in $ETH & $ALTS now.”

A cryptocurrency trader believes that Ethereum would hit over $800 soon, and would eventually outperform Bitcoin. The trader said:

“Another day being long $ETH instead of $BTC. I do think ETH will hit my target, $800+, soon and eventually outperform BTC. That said, one of main mistakes I've made this month is longing $Alts that have mostly underperformed BTC. Still made money, but less than I could have.”

Co-founder and CEO of Gemini Exchange Tyler Winklevoss offered some perspective into the current Ethereum price, saying:

“The price of ether $ETH right now is $735. This is 51% off of its all-time-high, which is like buying #Bitcoin at 14k. What a steal.”

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