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A series of substantial purchases have been made of Ethereum (ETH), totaling over $620 million. Data from Spot On Chain reveals that in a single hour, a massive sum of 15,003 ETH was acquired at an approximate rate of $3,932, using 59 million DAI. Over the past four days, these wallets have amassed 163,295 ETH, costing around 620.7 million DAI, with an average purchase price of $3,801, resulting in an estimated unrealized profit of $24.3 million.

These transactions are associated with wallets linked to PulseChain, a project with connections to the controversial figure Richard Heart, the founder of HEX and PulseX. PulseChain has been a topic of debate within the cryptocurrency community. Despite the controversies surrounding its founder, the significant investment in Ethereum by entities associated with PulseChain suggests confidence in the digital asset's future.

Ethereum price eyes $4,000

The impact of these large-scale purchases is evident in the market as Ethereum's price approaches the $4,000 mark. Currently, ETH is trading at $3,939, marking a 3.74% increase over the past 24 hours and an impressive 62.57% rise over the last month. The substantial interest from both retail and institutional investors continues to fuel Ethereum's momentum, highlighting the widespread belief in its long-term potential.

The surge in Ethereum's value comes at a time when the community is eagerly anticipating the upcoming Dencun upgrade, scheduled for March 13. This upgrade is expected to introduce proto-danksharding, a development aimed at drastically reducing the cost of layer-2 transactions, thereby enhancing the overall user experience and efficiency on the Ethereum network.

As the date of the Dencun upgrade approaches, market observers and participants are keenly watching price movements and investment patterns on the Ethereum market. Recent activities by large-scale investors, or "whales," have underscored the significant interest and optimism surrounding Ethereum, reinforcing its position as a leading digital asset in the cryptocurrency space.