Second biggest cryptocurrency on market is making serious moves
The sudden move of $600 million towards Coinbase has caused a strong price increase on the second largest cryptocurrency in the market. Over the past 24-hours, Ether price recovered in the $1,250 range, which could form the basis for a move towards $1,300.
As we mentioned previously, Ethereum has shown a lot of resilience during the FTX-fueled crash on the market and barely even touched the $1,000 support level, successfully bouncing immediately after.
Thanks to FTX’s successful absorption of funds just after the first bankruptcy rumors surfaced and a depletion of reserves on the exchange, Ether avoided the selling pressure that assets such as SOL and Serum faced, and they took Buterin’s coin. Lost much more value than. ,
A day after the insolvency turned from a rumor into a fact, Ethereum-based DeFi platforms saw a surge in inflows, showing that investors decided to temporarily move their funds to noncustodial solutions to avoid any further issues with centralized exchanges.
Additionally, an increase in network activity increased the burn rate, potentially fueling a short-term reversal that pulled Ether away from a potential decline to 2022 lows.
Thanks to a strong bounce, Ether might now pick up some retail buying volume and continue to move upward. However, the descending volume on the asset might be a negative signal for the market. With the lack of volume, Ether will most likely enter a rangebound similar to the trading channel present on the market between September and October.
At press time, Ether is trading at $1,260 with a 7% price increase over the past 12 hours. Coinbase suddenly boomed after a $600 million transfer.
