Ethereum Whales Drive $23B Surge, ETFs Hit Record, Price Nears $3K

Ethereum, the second-largest cryptocurrency by market capitalization, has been on a rollercoaster ride in recent weeks. After a significant drop following former U.S. President Trump's announcement of tariffs, Ethereum has since rebounded, with analysts now wondering if the current buying interest is strong enough to push the price above $3,000.

One of the key factors driving Ethereum's recovery is the increased interest from large investors, or "whales." According to data from IntoTheBlock, the volume of large trades jumped from $4.59 billion on February 1 to $23.6 billion by February 3. This uptick in interest comes after the market crash, which allowed these large players to buy Ethereum at lower prices.

In addition to increased whale activity, Ethereum ETF volumes have also surged. On February 3, Ethereum ETFs recorded a trading volume of $1.5 billion, which is over 20% higher than their previous record of $1.2 billion set in December. This is also the highest trading volume since their launch on July 23, when they hit $1.11 billion. BlackRock’s ETHA product had the highest trading volume at $736 million, followed by Grayscale’s converted ETHE fund at $415 million, and Fidelity’s FETH at $155 million, showing their market shares by these amounts. In total, the trading volume for all U.S. spot Ethereum ETFs is now close to $22 billion.

As Ethereum's price begins to recover, the network has also increased its capacity for processing transactions. This is the first change since Ethereum switched to a proof-of-stake system in 2022 and could act as a bullish catalyst for Ethereum's ongoing recovery.

Ethereum's price has been rising quickly, moving past earlier resistance levels and now attempting to break the $3K level. However, ETH price is facing strong resistance from sellers, which is challenging for investors. Right now, Ethereum is priced at $2,788, having gone up by 3.8% in the last day. The trading pair ETH/USDT is close to $3,000, a level that could be a tough obstacle. If it stays above this price, it could