The post Why Ethereum (ETH) Price is Up Today? appeared first on Coinpedia Fintech News
As the total crypto market cap surged over 2 percent in the past 24 hours to hover about $2.3 trillion on Friday, Ethereum (ETH) price led the altcoin in notable gains. The large-cap altcoin, with a fully diluted valuation of about $306 billion and a daily average traded volume of around $19 billion, pumped over 5 percent in the past 24 hours to trade around $2,545 on Friday during the early European session.
Following the heightened crypto volatility, more than $28 million was liquidated from the ETH derivatives market, mostly involving short traders.
Forces Behind Ethereum Price Gain Today
Rising Demand from Whales
A whale bought 2,117.7 $ETH($5.17M) after the $ETH price rose and went long on $ETH through circular borrowing again!He was also liquidated for 6,078 $ETH($14.7M) when the price plummeted on Aug 5!In the past 6 months, he lost $13M by going long on $ETH!He went long on $ETH… pic.twitter.com/URz01cfUv1
— Lookonchain (@lookonchain) September 19, 2024
In the past three weeks, on-chain data shows that more than 547k Ether, worth over $1.26 billion, was deposited in different crypto exchanges. In addition to the poor performance of the US spot Ether ETFs, the top-tier altcoin was trapped in a bearish outlook.
However, the whales’ behavior has gradually changed in the past two days, whereby BlackRock’s ETHA led the US spot ETH ETFs in cash inflows of about $5.24 million on Thursday. Remarkably, none of the US spot Ether ETFs registered a net cash outflow on Thursday
Bullish Crypto Outlook
The TD Sequential is now signaling a buy on the #Ethereum $ETH weekly chart, suggesting a potential rebound if the crucial $2,200 support level holds strong. pic.twitter.com/Fdor0G7waz
— Ali (@ali_charts) September 19, 2024
The cryptocurrency market has been showing bullish momentum in the past few days following the Fed’s shift to the quantitative easing phase through a 5 bps rate cut on Wednesday. Bitcoin price has led the altcoin market in a bullish outlook after teasing above $64k earlier today, as the Bank of Japan held its interest rates unchanged at 0.25 percent.
From a technical standpoint, Ethereum price is likely to continue rising and potentially outshine Bitcoin ahead amid the ongoing crypto cash rotation favoring altcoins. Moreover, the ETH/BTC pair has significantly rebounded after dropping to a multi-year low earlier this month.
