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What Happens Now That Ethereum Prices Have Returned To $3,000?
The $ETH/USD exchange rate increased 3.63% to a high of $3,030 intraday.
The upward movement amounted to a 14.3% retracement of the pair's week-to-date low of $2,651, indicating that traders sought to maintain their optimistic bias despite probable obstacles ahead.
Ether prices plummeted last week as a result of a slew of Chinese-related concerns.
On Monday, speculators sold crypto assets in droves after a tumultuous day in China's massively leveraged housing market triggered a selloff in global stock markets.
On Thursday, the benchmark cryptocurrency Bitcoin reached an intraday high of $43,767 after rising 2.49%.
Meanwhile, UNI, the native currency of the Uniswap exchange, has been the top-performing crypto asset in the last 24 hours.
At the same time, Ethereum's main competitors Cardano ($ADA) and Solana ($SOL) fared poorly, with $ADA/USD falling more than 5% and $SOL/USD falling more than 3% on a 24-hour adjusted timescale.
Higher Demand and Institutional Investments
Ethereum gains were also fueled by a positive report from JPMorgan & Chase. According to the report, institutional investors have begun to increase their exposure to Ethereum markets.
JPMorgan analysts attributed investors' interest in Ethereum to the current frenzy in the decentralized finance (DeFi) and nonfungible token (NFT) sectors.
They also stated that the 21-day average Ethereum Futures premium had risen to 1% over spot $ETH prices, using Chicago Mercantile Exchange (CME) statistics since August.
According to CryptoQuant statistics, net $ETH balances on trading platforms fell to 18.44 million $ETH from 23.94 million $ETH a year earlier.
"Weekly close equally as important for $ETH today as price tests the previous range highs as support," the analyst noted.
"Seems like a logical area to make a higher low and I have bought more here for long-term bags/swing trade. RR looks favorable after a 33% correction from the local top."