Ethereum prices have rallied by 8% in a bearish crypto market over the last week.
ETHUSD – Daily Chart
The price of ETHUSD fell to prices below $2,800, and the rally took it to $3,333. This is a key level as it links to the August support low.
Ethereum and Cardano are the only top-ten cryptos that have posted decent gains over the last week. That could change if the Federal Reserve signals faster rate cuts overnight. Data showed that the ETH price had ended its five-month downtrend against Bitcoin, with gains of 170% to 0.09 BTC in under two months.
Increased accumulation by large investors drove Ethereum’s bullishness on Wednesday.
“Ethereum is a standout gainer today, climbing +8.5% and seeing an encouraging accumulation pattern from whales and sharks,” said market intelligence company Santiment.
Additional data from CryptoQuant showed that whale wallets with between 10,000 ETH and 100,000 ETH have reached record balances. Wallets with over 100,000 ETH have also increased their holdings, indicating bullishness among institutions.
The ETH Coinbase Premium Index is a measure of US investors’ interest in the coin, and it flipped to positive over the past week after being negative for a month. This highlights that demand could return from U.S. investors.
“FOMC meetings can be pretty tricky,” said crypto trader Michael van de Poppe on X.
“The price action usually traps everyone before the actual move, so even if Bitcoin drops to $91K, I’m not putting too much weight on it”.
