Crypto
Ethereum Soars 17.7% as Whales and ETFs Fuel Price Surge
Ethereum's price has seen significant gains, rising by 17.7% in 24 hours to $2,275.94. The asset has been consolidating within a range of $1,900 and $2,300.
The recent surge in Ethereum's price is attributed to increased whale activity and renewed institutional demand for ETFs. U.S. spot Ethereum ETFs recorded $189.15 million in daily net inflows on August 19, with BlackRock's ETHA contributing the largest share of $122.12 million.
Market analyst Michael Van de Poppe views the recent price action as a strong market shift and expects possible retracements during the ongoing price action. He notes that Ethereum's movement against Bitcoin shows current market strength.