Ethereum price forecast after sharks and whales add almost $700M in ETH

Ethereum (ETH/USD) whales and sharks have begun adding ETh, where 561,000 $ETH, worth nearly $700 million, went into the addresses.

Binance.US also removed the trading fees of four Ethereum spot market pairs, incentivizing more traders.

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Ethereum is still the second-largest cryptocurrency in terms of market capitalization.

Shark and whale accumulation and Binance.US zero-fee transactions as catalysts for growth

In the latest Ethereum news, based on data from Santiment, Ethereum (ETH) whales and sharks have been adding more Ethereum, where the key ones that hold 100 to 1 million ETH own two-thirds of the coin’s overall supply.

They have added 2.1% more collective coins to their bags in the past month.

Binance.US also made an official announcement saying that the exchange now offers zero fees on four Ethereum pairs, including ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD.

Note that this offer has no trading volume requirements, so anyone can take advantage of it and begin trading ETH with ease. 

Should you buy Ethereum (ETH)?

On December 8, 2022, Ethereum (ETH) had a value of $1,232.

The all-time high of the Ethereum (ETH) cryptocurrency was on November 10, 2021, when the cryptocurrency reached a value of $4,878.26. Here we can see that at its ATH, the token was $3646.26 higher in value, or 296% higher.

In terms of the 7-day performance of the cryptocurrency, Ethereum (ETH) saw its low point at $1,225.02, while its high point was at $1,302.22. Here, we can see a $77.2 difference, or by 6%.

However, when we go over the 24-hour performance, Ethereum (ETH) saw its low point at $1,224.49, while its high point was at $1,238.10. This marked a difference in the value of $13.61, or by 1%.

Investors will want to take up the opportunity and buy Ethereum (ETH) as it can climb to $1,320 by the end of December 2022.