Cryptocurrency Ethereum Surges 44% Following 185,309 ETH Withdrawal from Exchanges Instituted by Abraxas Capital
📈 Ethereum on a Roll: Soaring Past $2,600 with Institutional Backing
Over the past few days, Ethereum (ETH) has gone wild, skyrocketing a whopping 44% in just 72 hours, marking its strongest three-day performance since early 2021.
This mind-blowing surge began with the crypto investment firm Abraxas Capital issuing a sizable withdrawal. By pulling 185,309 ETH worth nearly $400 million out of exchanges, Abraxas hinted at a growing institutional trust in Ethereum's long-term potential [4]. Concurrently, the on-chain analytics platform Lookonchain closely monitored this aggressive accumulation, which likely played a significant role in the price hike.
The incredible rally not only signs of renewed investor confidence but also pulled the "Ethereum is back" narrative right back into the spotlight. According to Sentora (formerly IntoTheBlock), the share of ETH addresses in profit has jumped over 60%, up from just 32% a month ago, reflecting the shifting optimism surrounding this digital asset [5].
Some analysts, such as Titan of Crypto and Ali Martinez, have postulated that ETH has reclaimed a five-year trendline after deviating from it previously. They believe that the MACD (Moving Average Convergence Divergence) is now "flipping bullish" on the weekly chart [3].
Further insights into Ethereum's structure indicate that it has formed an ascending triangle between $2,109 and $1,385. Following a minor resistance at $2,578, ETH is now testing the support within the $1,800 to $2,578 range. According to Trader Henry, upcoming resistance levels could be found at $3,073, $3,316, $3,700, and $4,013, with a potential long-term target at $12,000 by year-end [2].
Currently, ETH trades at around $2,550, marking a 1.3% increase over the past day. In the past week, Ethereum has experienced almost a 40% gain, outperforming the broader crypto market, which rose 13.9% in that same period. Although ETH is still down 12.4% year-on-year and 47% off its all-time high of $4,878 (reached in October 2021), the recent momentum suggests an exciting future for this pioneering blockchain platform.
Sources:
- casper.fyi
- finbold.com
- newsbtc.com
- decrypt.co
- sentora.io
- The surge in Ethereum's price might be attributed to institutional backing, as evident by Abraxas Capital withdrawing 185,309 ETH, signifying a growing trust in Ethereum's long-term potential as a cryptocurrency.
- The on-chain analytics platform Lookonchain has noted an aggressive accumulation of Ethereum, which could have significantly contributed to the price hike, potentially impacting the technology and crypto trading market.
- With Ethereum's recent surge past $2,600 and the MacD "flipping bullish" on the weekly chart, some experts predict an optimistic future for this blockchain platform, with potential long-term targets for ETH at $12,000 by year-end.
