• Ethereum price has dropped due to Kraken’s agreement with the SEC.
• Despite this, Ethereum is still a promising investment due to its large daily trading volume and market cap.
• Institutions are showing increased interest in ETH staking as whale activity reached new highs.
Ethereum Price Drops Due to Kraken Agreement
The price of Ethereum (ETH) was at $1,552, down 5% from yesterday and 6% from one week ago. The fall coincided with a market-wide selloff brought on by Kraken’s agreement to stop providing any staking services to US-based clients and its payment of a $30 million settlement to the SEC.
Ethereum Still a Promising Investment
Despite this setback for the market, Ethereum is still a promising investment due to the altcoin’s daily trading volume of $7,433,845,302 and market cap of $185,903,721,394. There are several grounds to believe that ETH will once again increase in value, including Visa’s recent announcement that it is testing stablecoin payments on the Ethereum network. Parithosh Jayanthi, a developer for the Ethereum Foundation, declared that the „Zhejiang“ public testnet will debut on 1 February. In order for validators to prepare for the anticipated modifications for the Shanghai hard fork, the implementation will permit staked Ether withdrawal in a test environment.
Institutional Interest Growing
According to Diogo Mónica, co-founder and president of Anchorage Digital – a cryptocurrency bank with a market cap of over $3 billion –the Merge’s success transformed Ethereum from „a smart contract platform lagging behind“ into „something that was doing things properly.“ This is accurate: After the Merge institutional interest in ETH staking rose according to Matt Hougan CIO at Bitwise Asset Management As ETH dominance has increased compared to other cryptocurrencies over past few years Ether’s bullish setup vs Bitcoin is apparent.
Whale Activity Reaches New Highs
Both Bitcoin and Ethereum have consolidated over week as broader crypto market continues enjoy bullish spell The price of Ethereum has lately undergone significant correction yet whales have been purchasing every decline The fifth largest accumulation day in year was recorded last week as ETH whale activity reached new level As FTX problem developed over month November Ether whales have been building up According Santiment report “Ethereum’s large key addresses have been growing number since #FTX debacle early November Pictured key moments where shark & whale addresses accumulated & dumped Number 100 100k $ETH addresses 20 month high” almost reached lows during
Price Prediction for 2023-2024
It almost reaches lows during March 2020 when Coronavirus pandemic hit global markets With upcoming ETF proposals increasing demand & institutional investors ready invest long term many believe that we can expect further growth Thus there are chances that ETH might reach around 5000$ mark by end 2023 or 2024 However only time can tell what will happen