The recent drop in Ethereum's discounted price to $2,197 has attracted a lot of attention from long-term buyers looking to purchase the cryptocurrency at discounted prices.
The #BTC (ETH) price rebounded as demand for whales increased amid growing fears of #cryptocurrency capitulation %
The Ethereum (ETH) price rise was driven by Growing demand for whales amid growing fears of cryptocurrency capitulation / Coinspeaker
The recent collapse of the Ethereum price to 2,197 has attracted a lot of attention from long-term buyers looking to buy at discounted prices.
the price of Ethereum (ETH) has recovered from its most significant support level since the cryptocurrency's collapse, which wiped out more than $22 billion over the past 16 days. Leveraged trader. Over the past 24 hours, the price of the altcoin has risen more than 14%, reaching around ¥2,514 during Tuesday's European session.
From a technical perspective, the price of Ethereum against the U. S. dollar has bounced off a logarithmic trend line, rising at weekly time intervals. Although May 8 was a bearish month for the crypto industry as a whole, the Ethereum price only needs to rise above the rising logarithmic trendline to provide further bullish momentum in the fourth quarter.
The price of Ethereum is rising rapidly following the rise in Bitcoin's price over the past 24 hours. As a result, the total size of the cryptocurrency market increased by more than 8% to reach ¥2 trillion on Tuesday.
The crypto industry rose in tandem with the rise in Asian stock markets, led by the Nikkei 225 and the Asian Dow Jones index. Similarly, European stock indices were upbeat on Tuesday, led by the FTSE100 and DAX. Then, similar gains are expected today in the U. S. stock market after heavy losses on Monday.
Meanwhile, long-term investors have capitalized on the increased fear among the crowd, as evidenced by a 17% rise in the Ethereum Fear and Greed Index.
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