Ethereum (ETH) Accumulation Fuel Speculation of a Surge to $3K

• A close above the $2,720 resistance could send ETH to $3,000.
• A whale accumulated ETH worth $99.5 million and borrowed more.
• Ethereum’s TVL increased, suggesting a possible ATH for ETH before 2024 ends.

According to Lookonchain, a whale has been accumulating Ethereum (ETH), and borrowing more while opening a long ETH position in the process. According to the post, the whale had withdrawn 39,900 ETH from Binance, Bybit, Bitfinex, and OKX since February 1.

Later, the whale borrowed 56.8 million DAI from the lending platform ‘Spark’ and changed the decentralized stablecoin to ETH.

ETH Looks Ready for a Blast

Accumulating ETH of this magnitude and borrowing more implies that the participant was confident of a significant price increase. ETH’s price at press time was $2,661—a 14.35% increase in the last seven …

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