Ethereum price has registered a strong rebound today surging 6.5% and moving past $1650 levels. The recent surge comes as Ethereum finds a strong support at $1500 before resuming its upwards journey. As per the Ethereum technical chart, it has formed an inverse head-and-shoulder pattern and is currently eyes its next move to $2000 and above.

#ethereum inverse head and shoulders break out, price getting ready to head back to $2,000! pic.twitter.com/Fne04ZGQWj

— Lark Davis (@TheCryptoLark) March 7, 2021

As the Ethereum (ETH) price rebounds to $1700 levels for the first time in 10 days, the Ethereum mega whales are turning more dominant. As per the latest Santiment report, the Ethereum mega whales with over 10+ ETH whale addresses currently hold a massive 68.6% of the total supply.

🐳📈 As #Ethereum rebounded above $1,685 today for the first time in 10 days, whales (owning 10k+ $ETH) now own 68.6% of the total supply. This is the highest % owned by whales since Nov, 2017. 10-10k addresses meanwhile, own the lowest % since Sep, 2017. https://t.co/Tjdyk43Hgl pic.twitter.com/A8X9pADOGm

— Santiment (@santimentfeed) March 7, 2021

This is for the first time since November 2017 that the whales are holding this high percentage of the ETH supply. On the other hand, addresses holding 10-10K ETH coins are lowest in percentage since September 2017.

Ethereum Funds by Galaxy Digital Secures $32 Million In Investments

Ethereum continues to gain wider acceptance among institutional players. As per the SEC  filings recently, the Ethereum funds launched by Mike Novogratz’s Galaxy Digital has secured $32.1 million in investments in a very short time period.

The funds debuted when ETH was trading at a price of $1500, a 25% discount from its all-time high of $2000 last month.

First incorporated in Delaware, the Galaxy Institutional Ethereum Fund, LP, reported over $22 million in net investments from three investors. While the other version of the fund, incorporated in Cayman Islands secured over $10 million from two investors.

These funds allows investors to gain exposure to Etheruem with directly buying the ETH coins. Galaxy Digital will charge 1% fee while taking along the risks of handling the private keys.

In another important developments, Ethereum developers have agreed to implement the Ethereum Improvement Proposal (EIP)- 1559 that will transform the transaction processing process and standardised the transaction fee. The implementation will take place during the London hard fork this July.