Darling, it seems our dear friend Ethereum has decided to grace us with a touch of excitement. Over the past 24 hours, the price of ETH has outshone the broader crypto market, reaching a delightful 12-day high. Oh, the intrigue!
Santiment, the ever-observant analyst, has noted these “mild signs” of a rebound. How positively scandalous! Ether has managed to outpace most altcoins, starting the week with a bang. But alas, it couldn’t maintain that momentum, slipping back to $2,720 in early trading on the 18th.
Now, let’s not forget that ETH has gained a respectable 2% on the day, while the wider crypto market has retreated 2.4% in terms of total capitalization. Quite the performance, wouldn’t you agree?
Santiment has also observed that from a long-term perspective, ETH continues to move off of exchanges and into cold wallets at a shocking pace. Just 6.38% of the available supply remains on exchanges. How thrilling! When crypto assets move off centralized exchanges, it usually signals that investors are hodling. It “decreases the probability of a major upcoming sell-off. But it should be considered a long-term metric, rather than one to react to on a swing trading basis,” said Santiment.
The analysts also commented that the community has been showing some renewed interest in Ethereum in February following prolonged lackluster performance. After being a major under-performer relative to other large caps in 2024, there has been some anticipation of a rebound when market-wide recoveries begin to take place.
“After being a major under-performer relative to other large caps in 2024, there has been some anticipation of a rebound when market-wide recoveries begin to take place.”
Not all were convinced, however, with crypto YouTuber Lark Davis quipping that “Ethereum pumps a few percent, and then markets dump five minutes later.” Oh, Lark, always the cynic!
The move has also improved the ETH/BTC ratio slightly, which is a measure of the price of Ether in terms of Bitcoin. This metric has been at multi-year lows as ETH has lost ground to BTC since mid-2022. The ratio improved by 7% on Feb. 17 to reach 0.029, but it has remained close to its weakest levels since December 2020, according to TradingView.
😲 Ethereum’s Surprising Resurgence: Holders Move ETH Off Exchanges
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2025-02-18 08:39