- Bitcoin veteran buys $49 million worth of ETH.
- Experts believe ETH is nearing major breakout prices.
- ETH price could surge to $2,800 if it can hit $2,400.
The crypto community basks in high spirits as the price of Bitcoin (BTC) recovers targets over the $73,000 price range. At the same time, the price of Ethereum (ETH) also recovers prices over $2,200. Amidst this steady rise in prices and sentiments, a Bitcoin veteran buys $49 million worth of ETH as experts believe ETH nears breakout price levels. Can ETH set a new ATH record this year?
Bitcoin Veteran Buys $49 Million Worth of ETH
The crypto community is pleased to see both BTC and altcoin prices recovering steadily since the last few days. At the moment, institutions and Bitcoin advocates seem to be taking this opportunity to accumulate more of their most prominent and highly potent assets, such as BTC, ETH, XRP, and more. Most recently, Strategy bought over $1 billion worth of Bitcoin, showing steady market pump progress.
What’s more, other experts believe that BTC has entered the ideal accumulation area for the cycle. This view even resonates with the expectations of bearish analysts who believe the crypto market will experience a short pump before a much greater dump will send BTC prices to the $40,000 price range. Meanwhile, others expect altcoin prices to surge and finally trigger an altseason phase.
This expectation is supported not only by bullish price chart indicators but also by accumulation actions from several key players in the industry. For example, the post above highlights how Bitcoin veteran Erik Voorhees bought $49 million worth of ETH in an epic return to the crypto market. In detail, Lookonchain data shows he bought 23,393 ETH worth around $49.08 million.
His purchase at the time meant he spent around $2,098 per ETH token, with transactions being executed through two wallets. Certainly, that accumulation move was a good one as the American entrepreneur is already in profit from his latest ETH purchase. According to CoinMarketCap analytics, the price of ETH is currently being traded in the $2,240 price range, showing a surge of over 6% in the last 24 hours.
ETH Nears Breakout Price Levels
Another popular crypto analyst is pleased to see ETH price surging and goes on to call this a breakout that ETH holders have been hoping to see for a while now. He says that if ETH manages to close above $2,40,0 then it is only a matter of time before it hits $2,800 soon after. Can ETH go on to hit new ATHs this year, or will the bear market prediction play out, allowing this pump to be the final exit opportunity for traders this year?
