Why Ethereum is Pumping?
Ethereum (ETH) has experienced a notable price increase recently, trading at approximately $2,819.73. Several factors contribute to this upward momentum:
Whale Accumulation: Large holders, often referred to as "whales," have been purchasing significant amounts of ETH, indicating strong confidence in its future value.
Restoration of Exchange Reserves: Following a recent security breach, the cryptocurrency exchange Bybit replenished its ETH reserves by acquiring substantial amounts over-the-counter and receiving emergency transfers from other exchanges. This action has bolstered market confidence.
Clarification on Network Integrity: Ethereum's core developers have dismissed rumors about a potential chain rollback after the Bybit hack, reinforcing trust in the network's stability.
These developments, among others, have collectively contributed to the recent surge in Ethereum's price.