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Friday, July 1, 2022

Ethereum Price Has Broken At A Sum Of $3,500

The native asset of Ethereum, Ether, has finally increased its price rally on Wednesday and logged multi-month highs against BTC. The exchange rate of BTC/Ether increased by 3.31% to hit a sum of 0.07475 for the very first time since the 9th of June. At the same time, the bids of ETH/USD have increased by 3.4% to reach a figure of $3,546 which is the highest for its position since the 18th of May.

This has further showcased a renewed interest in the second largest cryptocurrency after it consolidated its position sideways in more than three weeks. 

Ethereum Hits 3 Months High Against Bitcoin

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The price jump of Ether did appear irrespective of a wobbling price behavior across the market of cryptocurrency. For example, the prices of Bitcoin stuck around at a resistance level of $47,000 while it did see a clear breakout move above the psychological resistance rate of $50,000.

At the same time, another rival of Ethereum, Cardano, also went ahead and consolidated its position sideways after it followed the 100% price rally that it had in August. This also highlighted the market dominance which fell from 4.54% to 4.26%. The same period also saw the market dominance of Ether which rose from 18.17% to 19.65%- hinting that the cryptocurrency attracted capital out of assets. 

The run-up of Ethereum above a price of $3,500 also coincides with the decline in its reserves across every cryptocurrency exchange. CryptoQuant, a blockchain analytics firm, has reported that the amount of token currency held in the exchange wallets has gone down from 19.45 million on the 18th of August to a sum of 18.75 million on Wednesday.

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Nevertheless, most analysts have been perceiving the declining reserves as majorly bullish- where the argument has cropped up that most traders have been primarily withdrawing their Ethereum coins from exchanges simply because they are choosing to hold on to them rather than selling them.  

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