Ethereum Accumulates, Meme Coins Surge Amidst Bitcoin's Steady Performance

By: Eliza Bennet

Ethereum is seeing a bullish trend with investors stashing away Ethereum amidst expectations of a price surge. The crytpocurrency, currently valued at around $3,170, witnessed considerable volatility in the past week. Key on-chain data revealed that investors are pursuing an accumulation trend. Notably, transaction data has indicated a significant spike in the movement of ETH between exchanges and individual wallets.

On a promising note, the regulators in Hong Kong have approved the launch of Spot Ethereum ETFs alongside Bitcoin ETFs, generating a wave of strategic ETH movements. According to IntoTheBlock, on-chain data shows an intentional accumulation trend among investors, with more than $500 million worth of Ethereum leaving exchanges in the past week alone.

Despite the outflows from exchanges, Ethereum price dipped below $3,000 during the week, bottoming out at $2,878. As of now, Ethereum is trading at $3,180 with a 4% rise in past 24 hours. The fundamentals point to a steady thrive in Ethereum's price in the weeks to come as it is expected to leverage positive regulations surrounding the stablecoin market in the US.

While Bitcoin's 'halving' event didn't quite create the expected price surge, the meme coins on Solana and Ethereum have seen a considerable upswing in their values.