Ether (ETH) appears to be reviving, as cryptocurrency expert Willy Woo recently tweeted that the cryptocurrency is positioning itself to “break upwards out of a very long term, 3.5-month bearish trend line.”
Ether, the world’s second largest cryptocurrency in terms of market capitalization, crossed the $3,000 threshold for the first time since March 8.
With the exception of a brief rise above $3,000 earlier this month and Tuesday’s significant upward move, the token that powers Ethereum’s blockchain has spent the majority of the month trading between the $2,400 to $2,800 zone.
Last November saw a new record high in US dollar prices for ether, exceeding $4,800. The price of ETH rose in 2021 for different reasons than Bitcoin (BTC).
Tech Advancements Spark Ether
Ethereum, for example, made headlines when a digital art piece was sold for more than 38,000 ETH – or nearly $70 million – as the world’s most expensive NFT.
Unlike Bitcoin, whose price growth was spurred by the initial public offering of the world’s largest crypto exchange Coinbase, ether’s rise was fueled by technological advancements that sparked widespread excitement among traders.
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ETH trades at around $3,012 per coin as of the publication date, a nearly 6% gain over 24 hours.
Ether has also broken out in relation to bitcoin, the world’s most valuable cryptocurrency by market capitalization, which is currently up about 4% on the day.
According to Coingecko figures, Bitcoin trades at $42,935.85. This is 8.4% higher than the previous seven days.
ETH market capital at $360.48 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Whales are Active this Week
Coincidentally whales were active as well this week. Their transactions increased all over the place.
Their activity jumped to an all-time high $8.8 million in just one day, which was the largest since February 24, when it reached an all time high of $22.4 billion. This was just before Russia invaded Ukraine.
On the contrary, ordinary investors have remained idle as usual, holding 58.21 percent of Ethereum’s 120 million ETH supply. They have contributed less than 10% to daily volume since the crisis.
Inflows of ETH are up
According to statistics provided by IntoTheBlock (a company that analyzes crypto data), ETH outflows rose significantly Friday and reached more than 180,000.
“The last time this volume of ETH exited exchanges was in October 2021, immediately preceding a 15% price surge within 10 days,” the company tweeted.
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Featured Image from NameCoinNews. Chart from TradingView.com