Ether Breaches $3,000 For The First Time In Two Weeks – Can It Regain Its November High?

Ethereum

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.

In November of last year, the price of ether in US dollars reached new highs, over $4,800. Similar to Bitcoin (BTC), the price of ETH increased in 2021, but for very different reasons.

Ether Sparked By Tech Advancements

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.

Related Story | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum?

At publication time, ETH was trading at roughly $3,012 per coin, a nearly 6% rally over the previous 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.

Bitcoin is currently trading at $42,935.85, up 8.4% in the last seven days, according to figures by Coingecko, Tuesday.

ETH total market cap at $360.48 billion on the daily chart | Source: TradingView.com

Whales Active This Week

Coincidentally, whales were also active this week, as their transactions increased across the board.

This was the most substantial increase in their activity since February 24, reaching an all-time high of $8.8 billion in a single day. Indeed, this was shortly before Russia launched its invasion of Ukraine.

On the contrary, ordinary investors have remained idle as usual, holding 58.21 percent of Ethereum’s 120 million ETH supply. Since the market crisis, their daily volume contribution has been less than 10%.

ETH Outflows Up

Meanwhile, ETH exchange outflows increased significantly on Friday, reaching more than 180,000, according to statistics from IntoTheBlock, a crypto data analytics company.

“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.

Related Story | Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says

Featured image from NameCoinNews, chart from TradingView.com

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