According to Cointelegraph: The soaring price of Ether, rising by 4.25% to approximately $3,200 in the past 24 hours, is underpinned by three main factors: capital rotation from Bitcoin to Ether, Ethereum whale accumulation, and technical price rebounds.
Firstly, ETH's uptick can be attributed to the historical trend of capital flowing from Bitcoin to Ethereum following every Bitcoin halving event. This trend has precipitated an approximate 2.5% rise in the ETH/BTC ratio, and over 1% increase in the Ethereum Dominance Index in the last 24 hours.
Secondly, Ethereum has seen a resurgence of investments from large holders, or "whales," with increased Ether holdings reported by addresses containing between 1,000 and 10,000 ETH, as well as 10,000 to 100,000 ETH. Such accumulation patterns have often heralded significant price upswings, suggesting that Ethereum "whales" are anticipating a sizable uptrend.
Lastly, Ether's technical charts indicate a price rebound from support levels near its 0.5 Fibonacci retracement line (approximately $2,820) and its 200-day exponential moving average (around $2,725). These confluence points have encouraged traders to capitalize on Ether's momentum, further contributing to its bullish surge.
Together, these forces have pushed Ether's price upwards and prompted a bullish sentiment in Ethereum. That said, these market trends should be monitored closely for fluctuations that may affect Ether's trajectory.
