Ether Breaches $3,000 For The First Time In Two Weeks – Can It Regain Its November High?

Christian Encila

3 years ago

2 mins read

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Ether (ETH) appears to be reviving, as cryptocurrency expert Willy Woo recently tweeted that the cryptocurrency is positioning itself to “break upwards out of a very long term, 3.5-month bearish trend line.”

Ether, the world’s second largest cryptocurrency in terms of market capitalization, crossed the $3,000 threshold for the first time since March 8.

With the exception of a brief rise above $3,000 earlier this month and Tuesday’s significant upward move, the token that powers Ethereum’s blockchain has spent the majority of the month trading between the $2,400 to $2,800 zone.

In November of last year, the price of ether in US dollars reached new highs, over $4,800. Similar to Bitcoin (BTC), the price of ETH increased in 2021, but for very different reasons.

Ether Sparked By Tech Advancements

Ethereum, for example, made headlines when a digital art piece was sold for more than 38,000 ETH – or nearly $70 million – as the world’s most expensive NFT.

Unlike Bitcoin, whose price growth was spurred by the initial public offering of the world’s largest crypto exchange Coinbase, ether’s rise was fueled by technological advancements that sparked widespread excitement among traders.

At publication time, ETH was trading at roughly $3,012 per coin, a nearly 6% rally over the previous 24 hours.

Ether has also broken out in relation to bitcoin, the world’s most valuable cryptocurrency by market capitalization, which is currently up about 4% on the day.

Bitcoin is currently trading at $42,935.85, up 8.4% in the last seven days, according to figures by Coingecko, Tuesday.

ETH total market cap at $360.48 billion on the daily chart | Source: TradingView.com

Whales Active This Week

Coincidentally, whales were also active this week, as their transactions increased across the board.

This was the most substantial increase in their activity since February 24, reaching an all-time high of $8.8 billion in a single day. Indeed, this was shortly before Russia launched its invasion of Ukraine.

On the contrary, ordinary investors have remained idle as usual, holding 58.21 percent of Ethereum’s 120 million ETH supply. Since the market crisis, their daily volume contribution has been less than 10%.

ETH Outflows Up

Meanwhile, ETH exchange outflows increased significantly on Friday, reaching more than 180,000, according to statistics from IntoTheBlock, a crypto data analytics company.

“The last time this volume of ETH exited exchanges was in October 2021, immediately preceding a 15% price surge within 10 days,” the company tweeted.

Featured image from NameCoinNews, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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