Ethereum Price Rises Within few Hours
The recent bearish move of BTC seemed to have affected most of the top coins, like Ethereum. On Monday, the price of Bitcoin dropped from its all-time high to about $45K. Earlier today Ethereum fell due to huge selling pressure.
Today the opening price of Ethereum was $1,508 but reached an intraday low of $1,413. As of this writing, the price of Ethereum has now bounced higher and it is trading for $1519 according to Coinmarketcap. In this week, the value of the asset reached a low of $1,378.84 and a high of $1,974.26.
In retrospect, chart analysts had predicted that if the price should break below its support at $1,479, the second largest crypto asset by market cap could drop even further. As predicted by emerging selling pressure later drove the price to test the support level at $1,413 which was the day’s low.
Ethereum Price Shows Bullish Signs
However, after the price tested the low, the market gradually gained momentum and rose by 5.28% in just 6 hours. The price of ETH eventually reached an intraday high of $1,527, marking about an 8% rise from the day’s low.
The rise experienced by Ether within a short-range hint at an oncoming bullish move, even though the price has retraced ever since and is currently trading around $1,494.
On the other hand, Bitcoin whales have started moving funds to unknown wallets. According to CryptoQuant earlier today, institutional investors moved 13,000 BTC from Coinbase into cold storage. Today, some whales also moved $333 million worth of Bitcoin (7,073 BTC) between unknown wallets.
Also, certain dormant whales who have not made transactions in many years have recently made some movements. A sleeping whale who has not been active in almost 11 years was mobile on Wednesday.