The cryptocurrency market is witnessing a quite remarkable recovery, with most cryptocurrencies trading in the green as of April 8. The second largest cryptocurrency on the market, Ethereum (ETH), has emerged as a prominent beneficiary with interesting gains in the last day, increasing its value by more than 7% in the last 24 hours.

In a notable development in light of the market recovery, the Ethereum cryptocurrency showed a significant rise, managing to surpass the US$3,600 threshold, suggesting a potential upward momentum for the largest altcoin.

The recent considerable rise in the price of the ETH token comes amid a notable influx in its trading activity. The cryptocurrency’s trading volume in the last 24 hours was $17,507,194,092.

At the time of publication, the price of Ethereum was quoted at US$3,630.52 with an increase of 6.8% in the last 24 hours. In its weekly development, ETH price achieved a significant recovery and increased by 2.1% in the last seven days.

Given the bull run in ETH, the crypto tracking platform Spot On Chain observed the movement of large holders of the cryptocurrency, with the emergence of two new Ethereum whales. They together withdrew 11,657 ETH, worth US$40.28 million, from the largest cryptocurrency exchange Binance.

“$ETH price has recovered sharply by ~4% in the last 2 hours, now surpassing $3,500! During this period, our system detected two more whales, 0x666 and 0x435, who withdrew a total of 11,657 $ETH ($40.28 million) from #Binance for ~$3,455!” the platform wrote.

Second quarter has been very bullish for Ethereum

The second quarter has been very optimistic for the second largest cryptocurrency on the market, Ethereum (ETH), but the Securities and Exchange Commission (SEC) could ruin this trajectory and throw cold water on ETH enthusiasts, according to the renowned cryptocurrency analyst, Ali Martinez.

In a shared analysis on April 1, the analyst highlighted that the regulator will likely continue to delay approval of an Ethereum spot exchange-traded fund (ETF), potentially causing market turmoil.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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