In recent developments, Ethereum has demonstrated a promising uptick, moving ahead of the broader cryptocurrency market. Over the past 24 hours, Ethereum prices have surged, marking a 12-day high, as reported by Santiment. This rise signifies potential signs of a rebound.
Ethereum’s price reached an intraday high of $2,832 on February 17, although it didn’t sustain this level and fell back to $2,720 during early trading the following day. Despite this minor drop, Ethereum recorded a 2% increase compared to a 2.4% decline in the overall crypto market capitalization.
Santiment analysts noted that Ethereum is increasingly moving from exchanges into cold wallets, with only 6.38% of the total supply remaining on exchanges. This trend often suggests that investors are holding onto their Ethereum assets, reducing the likelihood of a significant sell-off in the short term and highlighting a longer-term investment perspective.
Furthermore, the crypto community has been showing renewed interest in Ethereum this February after a prolonged period of stagnation. There’s a growing anticipation of a rebound, especially when the market experiences a broader recovery.
However, not all are convinced by this optimism. Crypto YouTuber Lark Davis remarked on the volatility, noting how Ethereum’s price jumped briefly only to be followed by a market dip.
The Ethereum to Bitcoin (ETH/BTC) price ratio also experienced a slight improvement, increasing by 7% to 0.029, although it still hovers near its weakest levels since December 2020.
Overall, while some view the recent movements as a sign of recovery, experts suggest keeping a long-term view on Ethereum’s potential and market behavior.
