Ethereum’s local token Ether (ETH) started a rebound after a massive fall earlier this week on September 26 that saw its price drop to $ 2,651 in Coinbase.
The ETH / USD exchange rate rose 6.6% to সর্বোচ্চ 3,030 intraday. The side upward move is the pair’s weekly-to-date low of $ 2,651 to 14.3% of the upward return, indicating that traders tried to maintain their bullish bias despite their potential progress.
Last week, ether prices fell due to problems arising from China. On Monday, traders dumped crypto assets massively after a sell-off trend across the global stock market following the turmoil in China’s heavily troubled property market.
A reversal move was launched over the weekend but on Friday the People’s Bank of China reiterated that crypto transactions were illegal. Nonetheless, Ethereum Bulls have maintained their footprint and the price has moved above $ 3,000, a level of emotional resistance.
Feelings were similar across some of the top crypto assets, with the benchmark cryptocurrency Bitcoin reaching an interim high of $ 43,767 on Coinbase after a 2.49% side upward move. Meanwhile, UNIO, the native asset of the Uniswap Exchange, has risen more than 19%, making it the lowest performing crypto asset in the last 24 hours.
At the same time, Ethereum’s top rivals Cardano (ADA) and Solana (SOL) performed poorly, ADA / USD fell more than 5% and SOL / USD lost more than 3% in the 24-hour period.
Ethereum gains followed a bullish report from JP Morgan and Chase. The study noted that institutional investors have begun to increase their exposure to the etherium market.
Analysts at JPMorgan attribute the ongoing frenzy in the Decentralized Money (DFI) and Non-Tongue Token (NFT) sectors as the main driver behind investor interest in Ethereum. They added that the 21-day average Ethereum Future premium spot ETH rose 1%, citing data recorded by the Chicago Mercantile Exchange (CME) since August.
JPMorgan reports that a record amount of ether tokens have been withdrawn from all crypto exchanges, according to data provided by Crypto Quant. At press time, net ETH reserves on the trading platform dropped to 18.44 million ETH from 23.94 million ETH a year ago.
Related: Ethereum declines more than Bitcoin as China increases crypto bans, ETH / BTC 3-week low
Independent analyst PostyXBT also Expects Potential further price increases in the Etherium market, noting that the recent collapse of the cryptocurrency has pushed it into the range of classic savings, as shown in the chart below.
The analyst noted, “Weekly is equally important for ETH today, as the price checks the height of the previous range.”
“Higher seems to be a reasonable area to lower and I’ve bought more here for the long-term bag / swing trade. The RR looks favorable after a 33% correction from the local top.”
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