Ethereum Price Surges to Nine-Month High as Market Sentiment Improves

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Ethereum Price Surges to Nine-Month High as Market Sentiment Improves

Ethereum Price - For the first time in more than nine months, Ethereum (ETH) has broken through the $1,900 resistance, igniting a bullish trend for di

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Ethereum Price – For the first time in more than nine months, Ethereum (ETH) has broken through the $1,900 resistance, igniting a bullish trend for digital assets. This level was fought for, as ETH had been lagging behind $1,900 for the previous week. Investors have undoubtedly welcomed this comeback, but what is driving the price?

Ethereum Price Today

With a 24-hour trading volume of $10,101,741,072 USD, the current live price of Ethereum is $1,922.66 USD. Our real-time ETH to USD conversion price is updated. On the previous day, Ethereum increased by 2.84%. With a live market cap of $231,598,746,591 USD on CoinMarketCap, ETH is now ranked number 2. The maximum number of circulating ETH coins is 120,457,776.

Why is Ethereum Rising?

These shark addresses increased their holdings by 2.27 million coins, or $4.2 billion, in total. With the addition of almost 1.4% of the total ETH supply, this accumulation increased their holdings to a record high for the past year.

Every digital asset that is subject to such an accumulation tendency may experience bullish implications, and ETH may have been one of them. The price of ETH was able to break above $1,900, which was a new nine-month high for the cryptocurrency, as its holdings reached a new one-year high, and it has been holding stable above this level ever since.

Another factor for the surge, besides sharks hoarding ETH, would be the expectation of the imminent Shapella upgrade. Stakeholders on the Ethereum network will be able to withdraw their staked ETH thanks to this upgrade, which hasn’t been feasible since the Beacon Chain was introduced.

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Yet, for one straightforward reason—more ETH entering the market again—the upgrade may very well be a “buy the rumor, sell the news” occurrence. Practically, it is anticipated that some of the ETH stakers who are able to withdraw will end up on exchanges as they attempt to profit. Yet given that the price of Ethereum has fallen somewhat from its all-time high, it is possible that many will leave their staked ETH in place as they wait for higher values.

The coins that do reach exchanges, however, will exert selling pressure on the asset, which is expected to cause a drop in price and allow investors to secure profits from their holdings. One excellent illustration is the Cardano Alonzo update, which saw the price of ADA rise to new all-time highs before the upgrade and then fall sharply once it was finished.

Yet, ETH is still experiencing solid growth as of the time of this writing, trading for $1,910.

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