Ethereum (ETH) poised for price surges as another dormant whale awakes after 8 years

Ethereum (ETH), the second-largest crypto by market cap, gained around 3% over the past day to climb above $1,900 on Monday. The altcoin follows Bitcoin‘s moves. Invezz.com news revealed that Bitcoin renewed its upward momentum after the debt ceiling tentative deal.

Timeline of Ethereum

In a stunning twist of events, a wallet that had laid dormant since the Ethereum initial coin offering (ICO) in 2015 has suddenly sprung to life, sending ripples of excitement and speculation throughout the crypto world.

An Ethereum whale deposited 23,080 ETH, worth approximately $44 million, into Binance just 20 minutes after the cryptocurrency's price rose above $1,904. This action suggests that major holders are starting to take profits amid Ethereum's recent surge.

In a recent blog post by Matthew Sigel, Head of Digital Assets Research, and Patrick Bush, Senior Investment Analyst for Digital Assets at VanEck, a leading global asset manager, a bold prediction has been made: Ethereum's price could potentially skyrocket to $11.8K by 2030.

The world's second-largest cryptocurrency Ethereum (ETH) has shown an upside move of 3% shooting past $1,900 in the early trading hours of the Asian market. ETH follows Bitcoin price gains as hopes over the US increasing the debt ceiling, ignite.

Ethereum, the world's second-largest cryptocurrency by market capitalization, has witnessed a significant surge in its mean block size, reaching a new 1-month high. This milestone was recently announced by Glassnode, a renowned on-chain analysis platform.

Security breach in Jimbos Protocol, a liquidity protocol operating under the Arbitrum system, resulted in a significant loss of 4,000 Ether (ETH), approximately worth $7.5 million, on May 28.

Global investment manager VanEck says Ethereum (ETH) could hit $51,000 in less than seven years if certain conditions align. In a new research report, VanEck lays out its base, bear and bull cases for Ethereum's performance going into the end of the decade.

In the past 21 months following the implementation of Ethereum Improvement Proposal (EIP) 1559, Ethereum's London hard fork has witnessed staggering destruction of over 3.33 million ether, valued at a jaw-dropping $6.1 billion. The burn rate currently stands at approximately 3.51 ether per minute, further solidifying the network's unique burning phenomenon.

In the past 21 months following Ethereum's London hard fork, the network has witnessed the destruction of over 3.33 million ether, valued at $6.1 billion. At present, roughly 3.51 ether is burned every single minute.

Ethereum Price Prediction: Over the past four days, the cryptocurrency market experienced a notable increase in buying activity, leading to an upsurge in several major cryptocurrencies. As a result, the Ethereum price rebounded from the local support of $1790 and jumped 3% higher to challenge the overhead resistance of $1870.