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Grayscale Buys $37M ETH, Pumps $1.5K Price. $2K ATH Soon?

Grayscale Buys $37M ETH, Pumps $1.5K Price. $2K ATH Soon
  • Grayscale Ethereum Trust (ETHE) buys 25,000 in Ethereum worth $37.6 million.
  • This brings Grayscale Ether holding to $2.9 million.
  • At the same time, Ethereum sets a new ATH price record of $1,550. With this, the $2,000 ATH may be on the horizon.

Grayscale Ethereum Trust (ETHE) recently acquired 25,000 Ethereum (ETH) worth $37.6 million. As a result, ETHE’s Ethereum holding grew to 2.96 million ETH worth over $4 billion.

ETHE recently reopened to the delight of investors. Crypto personality Lark Davis commented on this recent purchase.

Ethereum price has surged 13% to a new ATH of $1,550. The crypto price had dipped after reaching about $1,475 earlier this year. Despite the negative adjustment, experts have been predicting that Ethereum has entered price discovery and could rise up to $2,000.

As new Ethereum addresses continue to emerge, this shows that the crypto is entering bullish territory. The Ethereum network also handled over $300 million in fees paid in January alone. In comparison, the Bitcoin network only handled about $144 million in the same period. This confirms that there is a high volume of Ethereum use at the moment.

As the chart above shows that ETH price is likely to keep rising following the upward trend. A few factors that could fuel the continued price rise are:

  1. The Chicago Mercantile Exchange (CME) is launching new Ether Futures on the 8th of February. The added hope is likely to fuel confidence.
  2. Ethereum 2.0 launch, which includes a reduction in gas fees and the completion of moving from PoW to PoS.
  3. Elon Musk’s recent social media activity, as well as WallStreetBets buying frenzies, have fueled crypto adoption.

As the second-largest crypto, Ethereum has been gaining market share steadily. With the added support from institutional investors like Grayscale, the future seems bright.

Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.