Ether (ETH) surged to a new high for the year, reaching $3,822 on March 5 with an 8% increase in the past 24 hours. This second-largest cryptocurrency has seen a 15% rise in the last week and a remarkable 132% surge in the past six months. Ether's price currently hovers near $3,796, still below its all-time high of $4,891 from November 2021. The daily trading volume has also surged by 68%, reaching $33.29 billion, reinforcing Ether's status as the second most valuable cryptocurrency with a market cap of $453 billion. A key factor driving the uptrend is the decreasing supply of Ether available on exchanges, indicating investors are moving tokens to self-custody wallets in anticipation of future price gains. Large holders have been accumulating ETH, with wallets containing $100,000 or more seeing a significant increase since February. Additionally, the growing popularity of staking solutions like Lido and Rocket Pool has further reduced the amount of ETH available for trade. The optimism in Ethereum's on-chain and derivatives markets, along with expectations for a potential Ether ETF approval, are supporting the bullish trend in ETH price. Read more AI-generated news on: https://app.chaingpt.org/news

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