The cryptocurrency industry has been on an upward trajectory. Several assets were pocketing major gains throughout the day. As the community waited for Bitcoin (BTC) to reach the $100,000 mark, a portion of them were counting down the time for Ethereum (ETH) to hit $4,000. While the odds were seemingly in favor of the largest altcoin, a new obstacle presented itself before the market.
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Ethereum’s Price Range
The second largest cryptocurrency, Ethereum has surged by over 30% over the past month. The asset managed to rise all the way to a high of $3,420. This rise was much needed for the ETH ecosystem as the asset has barely recorded gains over the past years. The altcoin still remains 31% below its all-time high of $4,891 which was achieved about three years ago.
At press time, ETH was trading at $3,364.10 after a 7.62% rise over the past 24 hours. For Ethereum to reach a high of $4,000, the asset will have to surge by over 18%.
Along with its price, the market cap of Ethereum also witnessed notable growth. Currently, the market value of the altcoin is at $405 billion.
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Is This Whale Major A Hurdle?
Despite the favorable price activity, market sentiment may be impacted by the actions of Ethereum’s biggest holders. According to Lookonchain, after being idle for eight years, a prominent whale has come back to sell off a sizable amount of their Ethereum holdings.
Over the period between January and March 2018, this whale amassed 398,889 ETH, with an average buying price of almost $6. As of right now, the whale has held back 325,533 ETH, which is worth over $1.1 billion, and sold 73,356 ETH, which is worth $224.42 million. This further alarmed the entire market but many remain hopeful about ETH’s ascent.
