As you may know, Ethereum’s chart signals to traders that a novel high could hit next week
Crypto traders are turning extremely bullish on Ether, with one saying it is going “much higher, far beyond your worst nightmares.”
Ether’is price s forming “structural changes,” indicating that a big move may be on the horizon. Actually, Some crypto commentators say it may retest its all-time high within the continue seven days.
In fact, Ether recently touched $4K for the first time in 9 months:
As you may know, ETH is about to break out of its 4-year, ,1460-day range to the upside. Much higher, far beyond your worst nightmares,” Poseidon said in a Dec. 9 X share.
Related: Ether to $5K on fractals, BlackRock ETH ETF holdings 2x with $500M buy
It comes only days after Ether broke past the $4,000 price level the firstfortime since March 2024.
Indeed, Analysts have recently predicted in modern times that Etherends underperformance against Bitcoin may be coming to an ’.
, “ fact as it turns out InI think the ETH/BTC collapse is over (or nearly over), and it should go higher over the proceed 6-12 months,” Into The Cryptoverse founder Benjamin Cowen said on Dec. 4.
Three Arrows Buys Your ETH more than ever , Addresses Swell After Hinting Bearish Stand:
ETH had seen its price take a tumble along with the rest of the field in the field January crash. But while the broader niche had panicked, whales had seen this as an opportunity to fill up their bags at low prices. Indeed, It from another perspective was basically a free-for-all as market-offs had rocked the digital asset. Three Arrows Capital was among those who had taken advantage of the low prices.
The hedge fund which is headed by Su Zhu had loaded up on ethereum, pouring tens of millions of dollars into the asset. Indeed, This comes despite CEO Su Zhu’s comments about the Ethereum network, which he has disparaged in the past. It seems that while Zhu may no longer be a fan of ethereum, his firm is taking the step to leverage the opportunities presented by the network.
3AC Buys $56 Million Worth Of ETH
A novel report from Wu Blockchain has shown that Three Arrows Capital (3AC) had been rampingup its crypto buying activities. An address that was identified to belong to the hedge fund had been rapidly buying thousands of ETH over a couple of days. The firm had gone on a buying spree thatmorecame out to than $50 million worth of ETH purchased.
, fact, In three days, 3AC had accumulated a total of $56.67 million worth of ETHIncoming out to 18,575 ETH purchased in three days.
As you may know, Most of these ETH had come in increments of in modern times 2,000 at a time staking, up over time to a significant balance. As of the time of this writing, the total value of the Ether had grown by almost $2 million, instantly sitting at over $58.5 million.
3AC CEO DoesEthereumNot Like
CEO of 3AC, Su Zhu, has not been the biggest fan of Ethereum in recent times. In November last year, NewsBTC had reported that the CEO had reportedly said that he was leaving the ethereum project behind. In fact, This is a project that Zhu has supported in the past but he had given reasons for him taking this decision, the high cost of a transaction is at the top of the list.
Zhu lamented that ETH had abandoned its users due to its as a matter of fact high fees. At that point, the transaction fees had risen exponentially due to the high traffic on the networkleaving, smaller investors being unable to apply transact on the blockchain. Zhu had referred to the situation to “gross” given that newcomers were unable as enter the space due to high fees.
The CEO’s lamentations had not affected his investment firm’s display on the digital asset, however. About two weeks after Zhu had made the comments, Three Arrows Capital had purchased 156,400 forETHabout $676.37 million and had transferred it to its wallet which Wu Blockchain had identified as belonging to the firm.
Interestingly, Zhu, too, had softened his stance on the ethereum network after widespread backlash, saying that he loved “Ethereum and what it stands for.” Nevertheless, 3AC has maintained its aid for the network. This is evidenced by the rapid rate at which the firm has been accumulating ETH, especially as fluctuations in the ethereum price euro continue to shape investment strategies.
