Ethereum Price- Ethereum Sees a 2% Gain Amid Broader Crypto Market Losses
Ethereum Price– Ethereum (ETH) has managed to outperform the broader cryptocurrency market in the past 24 hours, hitting a 12-day high and indicating potential signs of a rebound, according to data provided by Santiment.
On February 17, Ethereum’s price reached an intraday and 12-day high of $2,832 before falling back to $2,720 in early February 18 trading. Despite this retreat, ETH still registered a 2% gain on the day, while the wider crypto market showed a 2.4% decline in overall capitalization.
Santiment analysts noted that Ethereum’s ability to rise above the broader market is a positive signal, especially since ETH has been consistently moving off exchanges and into cold wallets at a significant pace. Only 6.38% of the available Ethereum supply is currently on exchanges. When assets like Ethereum move off centralized exchanges, it often signals that investors are holding for the long term rather than selling, reducing the chance of a major sell-off in the near future.
However, despite these signs of improvement, some market observers remain skeptical. Crypto YouTuber Lark Davis pointed out that Ethereum’s pumps often get followed by quick downturns, suggesting a more volatile short-term outlook for the asset.
In addition, Ethereum’s performance has positively impacted its ETH/BTC ratio, which measures the price of Ethereum in terms of Bitcoin. After a significant downturn since mid-2022, the ratio improved by 7% on February 17, reaching 0.029, although it still remains near multi-year lows.
While Ethereum’s price movement shows early rebound signs, long-term investors are watching for sustained growth as broader market conditions evolve.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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