Ethereum Crosses $3,400 as WFL Makes Second Major ETH Investment

Ethereum ( ETH ) has climbed above $3,400, overshadowing Bitcoin's recent price movements. Meanwhile, the World Financial Liberty (WFL) project, associated with Donald Trump, continues to increase its holdings of ETH.

Ethereum, currently the second-largest cryptocurrency by market capitalization, has surpassed the $3,400 mark, showing a 4.4% increase over the past day. Analysts forecast continued appreciation for ETH, suggesting positive market sentiment.

Crypto analyst Ted has indicated that ETH is in a short-term growth phase, potentially reaching $4,000 before encountering resistance. There is also speculation it could achieve $4,500 by February and a new all-time high by March, driven partly by Trump's WFL's ongoing ETH acquisitions.

WFL has notably purchased additional ETH, securing $10 million worth today following a previous acquisition valued at $20 million. Additionally, ConsenSys CEO Joseph Lubin hinted at potential business ventures by the Trump family using the Ethereum blockchain, though specifics remain undisclosed.

Sharing their perspective, crypto trader Altcoin Scholar pointed out that ETH is consolidating within a large ascending triangle on the weekly chart. A breakout beyond the $4,000 resistance might propel ETH to record highs.

The sentiment of major ETH holders, or 'whales,' offers insight into the asset's outlook. Monitoring whale trading activities can reveal shifts in confidence levels regarding ETH's prospective value.

Recent on-chain data shows significant accumulation by ETH whales, with over $1 billion invested during the period from January 10 to January 17. Thirteen 'mega whales' each holding upwards of 10,000 ETH have bolstered the network, reflecting robust institutional interest. Concurrently, the Ethereum smart contract platform is attracting new users.

Despite the general optimism, not all large holders are bullish. One prominent investor recently sold more than 10,000 ETH, incurring a loss of over $1 million, illustrating the mixed sentiment within the community. Currently, ETH is trading at $3,422, maintaining a 4.4% gain in the last 24 hours.