Ethereum Eyes Further Gains as Bullish Momentum Continues

• At the time of writing, ETH is trading at $2099, up 9.52% in the last 24 hours.
• If the price manages to go past $2123 resistance level, then it will likely test $2732 level.

The price of Ethereum has recently surged, surpassing $2,000, after BlackRock’s filing for a Spot Ethereum ETF with the Delaware Department of State. Moreover, Dune Analytics found that as demand for network block space has risen, the transaction costs on Ethereum have climbed dramatically. During the last day, the cost of doing a transaction on Ethereum has skyrocketed.

Late yesterday, transaction fees hit a high of 270 gwei (measured by median gas prices), a level not seen since June 2022. As a result, the price of swap transactions spiked to $60 to $100 for a short period of time.

Santiment reports that the number of micro addresses on Ethereum, each holding less than 0.1 ETH, has crossed the 100,000 wallet threshold. This milestone illustrates the rising adoption and diversity of Ethereum ownership. Moreover, Ethereum co-founder Vitalik Buterin recently transferred 50 ETH to Coinbase Prime, which is worth around $106,000. This transfer corresponds with the recent flurry of volatility in the market.

Bulls in Control

According to statistics given by IntoTheBlock, there is a current 32.94% concentration among “whales,” or huge investors of Ethereum, who control around 40.83 million ETH.  Together, smaller investors possess 12.48 percent of the market, or 15.47 million ETH.

At the time of writing, ETH is trading at $2099, up 9.52% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 165.87%. If the price manages to go past $2123 resistance level, then it will likely test $2732 level. However, if the price goes below $2000 level, then it will likely test $1907 support level. Further decline will likely see price testing $1856 level.