Ethereum’s native token ETH has broken above $3,000 for the first time in two weeks as the cryptocurrency market experienced consecutive green days.
After ETH hit its all-time high of $4,878 in November 2021, a bearish trend took hold, and by January 2022, it was under $4,000.
The bearish trend that began in November continued into 2022, and it tested the $2,500 support level several times in March.
However, the second half of March has been kind to ETH holders, and earlier today, 22nd March, ETH hit $3,030, according to data from CoinGecko.
As of writing, ETH is up 3.6% in 24 hours, 16% in a week, and over 20% in the last two weeks.
IntoTheBlock, a crypto data firm, Tweeted that ETH had seen the largest outflows from centralized exchanges since the start of 2022.
When crypto is moved from an exchange, it’s usually sent to a wallet where it’s held for the medium-long term indicating the investor is bullish on the token.
IntoTheBlock added: “The last time such a magnitude of ETH left exchanges was in October 2021, which preceded a 15% price increase within ten days.”
BTC and Alt-coins Turn Green
The positive price action of ETH was reflected in the cryptocurrency market as a whole; the market leader BTC is up over 4% in 24 hours and 12% in seven days.
Popular alt-coins such as Solana (SOL), Cardano (ADA), and Ripple (XRP) have all posted considerable gains in the last seven days.
Meme coins have also had a strong week with DOGE and SHIB posting weekly gains of just under 3% each.
Institutional Investors
Determining what drives the crypto market up and down is always a challenge, but big institutions’ increasing interest in crypto could be one reason for the bullish price action.
Goldman Sachs, one of the biggest investment banks in the world, became the first significant Wall Street bank to execute an over-the-counter BTC trade.
The crypto investment firm Galaxy Digital facilitated the transaction, and it quickly got the crypto community talking about how large institutional investment could drive up the price of cryptos.
In a press release, Max Minton, Asia Pacific head of digital assets for Goldman Sachs, said: “We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy.”
He added: “This is an important development in our digital assets capabilities and for the broader evolution of the asset class.”
Minton’s comments are certainly a positive sign for the future of cryptoccurnecy, but the most encouraging comments came from Damien Vanderwilt, co-president and head of global markets at Galaxy Digital.
Damien said: “We are pleased to continue to strengthen our relationship with Goldman and expect the transaction to open the door for other banks considering OTC as a conduit for trading digital assets.”
Only time will tell if more big banks will take the plunge into crypto, but if they do, expect some big green candles on the charts.
Buying ETH With Swapzone
If you are confident that the ETH will continue its uptrend, then you might consider adding some to your portfolio – the best way to do this is with a helping hand from Swapzone.
Swapzone compares the best exchange rates, transaction speeds, and reviews to find you the best exchange deal. In addition, you can swap dozens of cryptos using the site’s smooth interface, which provides you with an estimated exchange rate before you commit to the swap.
For example, if you want to swap some stable coins into ETH, follow these steps:
- Follow this link to Swapzone’s dedicated ETH exchange page.
- Scroll to the bottom of the SHIB page and select USDC under ‘You send’ and ETH under ‘You get.’
- Press the blue exchange button.
- Carefully complete the details, including your wallet and e-mail address.
- Complete the transaction.
Great work! The ETH is on its way to your wallet!