Ethereum Price Surges Above $2,900 as Whale Accumulation Continues, Eyes Set on $4,000 Rally

Ethereum, the world's second-largest cryptocurrency, has surged above $2,900, gaining 4% in the last 24 hours. The altcoin has seen a 24% increase in price since the beginning of 2022, and investors are optimistic about a further rally to $4,000. The recent price surge is attributed to a whale accumulation, with an investor purchasing 21,353 ETH at an average price of $2,810 per token. However, traders are cautious about the possibility of maintaining such a price level, given historical data that suggests maintaining such a price level is challenging. The SEC has multiple applications queued up for spot Ethereum ETFs, and traditional investment firms have begun showing a keen interest in Ethereum ETFs.