Ethereum (ETH) price has dropped to $2,197 after the recent crypto crash, attracting the attention of long-term investors.
Ethereum price has rebounded from a critical support level after a cryptocurrency crash that saw leveraged traders lose over $1.6 billion over the past two days. The leading altcoin was trading around $2,514 during European trading hours on Tuesday, up more than 14% in the past 24 hours.
Reasons for Ethereum price recovery
The Ethereum price has quickly followed the recovery in Bitcoin over the past 24 hours, with the total crypto market cap increasing by more than 8% to re-surpass the $2 trillion mark on Tuesday.
The crypto industry rose as Asian stock markets recovered, led by the Nikkei 225 and the Asian Dow. Similarly, the European stock market opened positively on Tuesday, led by the FTSE 100 and the DAX. The US stock market is also expected to see a similar recovery today after the major losses recorded on Monday.
Meanwhile, the 17 percent drop in Ethereum’s fear and greed index suggests that long-term investors are benefiting from the rising fear.
On-chain data shows several crypto whales strategically buying Ethereum from various exchanges over the past 24 hours. For example, Tron (TRX) network founder Justin Sun withdrew 14,884 Ether worth around $35 million from Binance over the past 24 hours.
As a result, Sun now owns around 392,474 units of Ether, worth almost $1 billion. On Monday, Sun announced a $1 billion fund to reduce fear, uncertainty, and doubt in the market and increase crypto liquidity.
Another whale deposited 38 million USDT in HTX after purchasing Ether
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