The Ethereum price has continued to recover even though Jump Trading began selling its tokens again this week.
EthereumETH() reached a new high on Wednesday of $2753, its highest level since August 4 and 30 percent above its low point for the month.
Jump Trading Ether
Other coins also experienced a similar rise. BitcoinBTC), which sets the tone in the crypto industry, rose to $61,000 while the combined market cap of all coins increased to $2.15 trillion.
Ethereum rose even after Jump Trading stopped selling Ether. LookOnChain reported that Lido claimed and then sold 17 049 Ether tokens, worth $46.4 millions.
Jump Trading’s tokens have been sold over the last few weeks. This partially explains Ethereum’s decline during this time. crypto Black Monday It was even worse than Bitcoin or other coins
Data can be obtained from Arkham shows This means that Jump Trading still has 24,919 Ether, 28,735 StETH, and 6,75 wETH. Jump Trading’s assets are worth more than $423 million.
Investors have likely returned to ETFs that track spot Ethereum, which is a probable reason for the price recovery of Ethereum. SoSoValue data showed spot Ether-based ETFs had net inflows exceeding $24.3 million.
BlackRock’s Ethereum ETF received $49.1million in assets. The total asset under management now stands at $843million. The fund will likely reach $1 billion in coming months if this trend continues.
Fidelity FETH also held $5.4million in assets while Invesco QETH had $813,000. Bitwise, VanEck, Franklin Templeton, and other companies’ ETFs saw no new inflows Tuesday. Grayscale’s Ethereum Trust, however, experienced over $31,000,000 in outflows. The lower fees of its mini trust have helped it accumulate over $981 in assets.
Risks of the Ethereum Price Death Cross
Ethereum’s daily chart shows a death-cross pattern. This means that it is still at risk for further losses. On August 7, the 50-day Simple Moving average and the 200-day Simple Moving average crossed. This pattern usually leads to more decline.
Ethereum will confirm its upside if it flips over the $2,833 resistance level into a supportive one. This level is crucial because this was the swing’s lowest in April and May and also the neckline for the triple-top pattern.
A drop below the lows of last week, $2,114, would signal further downside and that the bears had won.
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Source: crypto.news
