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– The recent drop in Ethereum’s discounted price to $2,197 has attracted a lot of attention from long-term buyers looking to purchase the cryptocurrency at discounted prices.

The Ethereum (ETH) price rebounded as demand for whales increased amid growing fears of cryptocurrency capitulation %

The Ethereum (ETH) price rise was driven by Growing demand for whales amid growing fears of cryptocurrency capitulation / Coinspeaker

The recent collapse of the Ethereum price to 2,197 has attracted a lot of attention from long-term buyers looking to buy at discounted prices.

the price of Ethereum (ETH) has recovered from its most significant support level since the cryptocurrency’s collapse, which wiped out more than $22 billion over the past 16 days. Leveraged trader. Over the past 24 hours, the price of the altcoin has risen more than 14% , reaching around ¥2,514 during Tuesday’s European session.

From a technical perspective, the price of Ethereum against the U.S. dollar has bounced off a logarithmic trend line, rising at weekly time intervals. Although May 8 was a bearish month for the crypto industry as a whole, the Ethereum price only needs to rise above the rising logarithmic trendline to provide further bullish momentum in the fourth quarter.

The price of Ethereum is rising rapidly following the rise in Bitcoin’s price over the past 24 hours. As a result, the total size of the cryptocurrency market increased by more than 8% to reach ¥2 trillion on Tuesday.

The crypto industry rose in tandem with the rise in Asian stock markets, led by the Nikkei 225 and the Asian Dow Jones index. Similarly, European stock indices were upbeat on Tuesday, led by the FTSE100 and DAX. Then, similar gains are expected today in the U.S. stock market after heavy losses on Monday.

Meanwhile, long-term investors have capitalized on the increased fear among the crowd, as evidenced by a 17% rise in the Ethereum Fear and Greed Index.

The chain’s data shows that several crypto-kits have made strategic purchases of ether on various exchanges over the past 24 hours. For example, Justin Sun, founder of the Tron (TRX) network, has withdrawn about 24 ether worth $3,500 million from Binance in the past 14,884 hours.

As a result, Sun currently owns 392,474 ether worth nearly $110 billion. Notably, on Monday, The Sun announced the creation of a $1.10 billion fund to help reduce fraud in the market and increase the liquidity of cryptocurrencies.

another whale was discovered buying ether from HTX after depositing $38 million in U.S. dollars.

9 hours ago, Whale withdrew $3,800 million from #HTX and spent $3,700 million to buy 16,236 ETH ($4 million) at a purchase price of $40.76 buy2,279.

Meanwhile, US Etf Spot Ether recorded net cash inflows of more than $48 million and had a positive day on Monday. Despite significant outflows from grayscale’s ECE, BlackRock’s ETHA balanced out with net cash inflows of around $47 million. It is worth noting that other Etf Spot Ether issuers registered positive cash flows on Monday, with the exception of QETH from Invesco and CETH from 21shares.

Since the beginning of last year, the price of Ethereum has formed an upward trend characterized by high highs and lows at weekly intervals. A V-shaped rebound similar to the Covid-19 cryptocurrency crash in 2020 is expected in the coming weeks, and the long-awaited parabolic phase of macroeconomic bullishness may be about to begin