The price of Ether (ETH), the own cryptocurrency of the Ethereum network, surpassed the $ 2,000 level for the first time in more than a month this morning and was within two percent of all-time highs. After a period of lag, ether began to show growth relative to bitcoin – in dollar terms, the prices of two cryptocurrencies increased by 25.4% and 15.8%, respectively, over the week. At the time of publication, ETH remains near major resistance.
As noted by an analyst at Rekt Capital, over the past month, the broadcast was close to breaking out of the wedge several times, but could not do it until very recently.
“We broke out of the triangle, but immediately ran into the red line of resistance, the last one before a new historical maximum. Although resistance may lead to retesting of the triangle, if such a test succeeds, a breakout can be expected, ”he adds.
The CEO of the analytical company CryptoQuant Ki Yong Joo drew attention to the fact that a few days ago, the wallets of the Coinbase cryptocurrency exchange left 400,000 ETH ($ 800 million). Many institutional investors use Coinbase’s services to buy on the OTC market, so the outflow of assets from its wallets is associated with their transfer in favor of such investors.
“A speculative guess: Institutions are now buying ETH,” Zhu writes.
Earlier, the Chinese company Meitu disclosed information that it buys bitcoin and ether, giving preference to the latter. This is due to its ambition in the decentralized application space.
The world’s largest digital asset management company Grayscale, according to the latest reports, holds $ 46 billion in cryptocurrencies, of which $ 6.1 billion is on air. 3 million ETH under the trust management corresponds to 2.6% of the total amount of ether.
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