Ether (ETH) was able to rebound after the crash to $ 3,623 last Saturday, December 4th. The recovery of positions has been observed over the past three days.
On the night of Wednesday, December 7, the ETH rate rose to $ 4403 (+ 7%). Altcoin capitalization is now just over $ 522.455 billion.
The IntoTheBlock team found that institutional investors, whose interest in ETH has grown this year, bought Saturday’s drop. This is evidenced by a sharp increase in the amount of transactions concluded on Ethereum with the underlying assets of the network.
Within 24 hours, the number of large transactions over $ 100,000 reached a two-month high. Their total amount exceeded $ 18 billion, the analysts said in a report. The share of such transactions on the ETH blockchain was 89.7% of the total number of completed transactions.
Data from another platform, Glassnode, shows that investors are buying ether and putting it in cold storage. The ETH exchange balance continues to decline, now it is at a three-year low.
According to experts, the strengthening of institutional interest and the outflow of ether from trading floors will inevitably lead to an increase in the price of the cryptocurrency. Ethereum bulls are looking for a break above $ 5,000 in late December or early January.
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