Can the price of Ethereum hit $2K as whales step in?

After wiping out losses from the previous few months, the price of Ethereum (ETH) has risen above $1,260. Huge wallet holders in the cryptocurrency market started buying up ETH tokens in large quantities after the bottoming out of the Ethereum price occurred on December 16. Since then, Ethereum’s price has grown by 5% because of the whales’ increased activity over the past few days.

Whales are on the move.

An on-chain analytics firm called Santiment reported that whales carried out 611 transactions totalling more than $100,000 during the previous day. However, on Thursday, this figure accelerated and quickly approached 419 transactions, with a staggering total value of about $1 million. The information also revealed that whales were becoming more and more interested in ether, which supports the prior claim.

Ethereum is on the up, but will it stay?

This increase, which Santiment noted, is more significant than the one observed on December 16. This data point can be interpreted in one way: it shows that whales are bullish on the altcoin and are buying more while the opportunity is still there. The jump may be maintained, and Ethereum prices may rise even higher with this kind of backing from such substantial holders, but only time will tell.

The unstaking of Ethereum from the December 2020 contract will be the next significant milestone for ETH holders following the successful transition from the proof-of-work consensus process to the proof-of-stake consensus mechanism. The token unlock is now scheduled to happen after the Shanghai hard fork, as developers have recently deemed it more urgent than other ecosystem improvements.

Ethereum (ETH) is currently being exchanged for $1,246 as things stand. Compared to its 4.9% increase over the previous seven days, this implies a loss of 0.86% over the last 24 hours, according to cryptocurrency market tracker CoinMarketCap.