ETH (Ethereum) down 1.54% in the last 24 hours

Gate News Bot Message, November 11th, according to CoinMarketCap data, as of press time, ETH (Ethereum) is trading at $3,587.06, down 1.54% in the past 24 hours. The highest price reached $3,656.15, and the lowest dropped to $3,063.09. The 24-hour trading volume is $34.657 billion. The current market capitalization is approximately $432.946 billion, a decrease of about $6.767 billion compared to yesterday.

Recent important news about ETH:

1️⃣ Large institutional investors continue to increase their ETH holdings Several major institutional investors are actively accumulating ETH. A well-known investment firm raised $100 million through zero-coupon convertible notes, with over 90% allocated to purchasing ETH. Additionally, other institutional investors bought approximately 110,000 ETH in the past week, worth $385 million. These large-scale acquisitions reflect institutional confidence in ETH’s long-term value.

2️⃣ Significant growth in ETH staking demand The Ethereum validator queue continues to grow, with about 1.5 million ETH waiting to be staked. The surge in staking demand indicates increased investor confidence in the Ethereum network’s long-term prospects, with many willing to lock funds to support network security and earn rewards. This trend helps enhance the network’s security and decentralization.

3️⃣ Whale account activity increases Several large ETH holders (commonly known as “whales”) have recently shown increased activity. A well-known ETH whale account added a total of 14,742 ETH to its long position in the past 20 minutes, bringing its total ETH long position to 54,742 ETH, valued at approximately $193 million. Another whale holding 40,000 ETH has an unrealized profit of over $6 million. The active participation of these large holders may indicate a warming market sentiment.

From a technical perspective, ETH’s price is oscillating within the $3,500-$3,600 range, and may face some short-term resistance. However, considering ongoing institutional buying and growing staking demand, ETH’s medium- to long-term outlook remains worth watching.

This message is not investment advice. Please be aware of market volatility risks.