Ethereum (ETH) Crosses $3,400, Leaving Bitcoin (BTC) in the Dust

Momentum appears to be shifting in favor of the second-largest cryptocurrency by market cap, as ETH soared past $3,400

Price Surges as ETH Outperforms BTC for 2nd Day in a Row

After surging past the $3,400 mark today, Ethereum (ETH) outperformed Bitcoin (BTC) for the second consecutive day in a key price action. Notably, Donald Trump's decentralized finance (DeFi) project, World Financial Liberty (WFL), continues to add to its ETH holdings.

ETH Surges Past $3,400, Boosting Holder Spirits

Momentum appears to be shifting in favor of the second-largest cryptocurrency by market capitalization, as ETH soared past the $3,400 threshold, registering a 4.4% gain in the past 24 hours. This surge has sparked optimism among analysts, who anticipate a strong uptick in the near future.

Crypto analyst Ted highlighted that ETH has entered its short-term expansion phase and might surge to $4,000 before experiencing any substantial pullback. Moreover, they project that ETH could hit $4,500 in February, followed by a new all-time high (ATH) in March, especially if Trump's WFL continues its aggressive ETH purchases.

Trump's WFL Continues to Purchase ETH Aggressively

In a related development, Trump's WFL has been amassing ETH at an impressive rate. Earlier today, Ted highlighted that the WFL wallet had purchased another $10 million worth of ETH.

This follows an earlier acquisition of 6,041 ETH – valued at $20 million at prevailing market prices – reported earlier this month. Furthermore, ConsenSys CEO Joseph Lubin recently hinted that the Trump family might use the Ethereum blockchain to launch new business ventures. However, details on the nature and timing of these ventures are yet to be disclosed.

Crypto trader Altcoin Scholar shared their analysis of ETH's bullish price momentum. The trader noted that ETH is currently trading within a large ascending triangle formation on the weekly chart, and a breakout above the $4,000 resistance level could propel propel ETH to new ATHs.

How Are the Ethereum Whales Reacting?

Tracking the trading activity of a cryptocurrency's largest holders is one of the best ways to gauge sentiment around it. In this case, monitoring ETH ‘whales’ – investors with significant holdings – can provide insight into their confidence in the asset's future price potential.

Recent on-chain data points toward a massive accumulation by ETH whales. Over the period between January 10 and January 17, large holders have acquired more than $1 billion in ETH.

Most recently, 13 ‘mega whales’ – each with holdings exceeding 10,000 ETH – joined the network, further bolstering the rising confidence among institutional and high-net-worth investors. At the same time, the Ethereum smart contract network continues to see an influx of new users.

However, not all ETH whales share the same bullish sentiment. Recently, one major holder sold more than 10,000 ETH at a loss of over $1 million. At press time, ETH trades at $3,422, up 4.4% in the past 24 hours.