As per the most recent report by Matrixport, the recent uptick in Ethereum are primarily backed by Asian traders, the also notes that ETH’s 20% gain in the past month, yet 17% occurred during Asian trading hours.
The report talks about how the Asian market is fueling the Ethereum price rather than being primarily pushed by the United States, despite the positivity in the nation and global trends such as the ‘crypto week’ tag and spiking capital inflows.
Over the past few weeks, the Ethereum price surged around 19% outpacing Bitcoin’s 8% surge in prices. Fueled institutional and corporate buying has also contributed to the surge in Ether prices.
Ethereum institutional and corporate buying in peak
As per rough estimates, Ethereum treasury companies have bought Ethereum worth roughly $1.6 billion in the previous month. Some recent purchase announcement notes that in the past 30 days, such companies have bought 545,000 Ethereum.
Some major companies holding ETH are SharpLink Gaming, Bit Digital, BlackRock, Fidelity, and Abraxas Capital Management.
Most recently, it has been announced that Peter Thiel, the co-founder of PayPal, has initiated a major stake in BitMine Immersion Technologies, buying a 9.1% stake.
It is said that BitMine Immersion’s dedication towards digital assets, especially Ethereum, has attracted many new investors and financial backers to back its Ethereum treasury strategy.
A quick overview of Ethereum prices
According to the data from CoinMarketCap, Ethereum is now exchanging hands at $3,153 with an increase of 5.9% in the past 24 hours, and is up by 20.41% in a week.
Over the past few weeks, ETH prices seem to be following a bullish path, currently trading above its 20-day, 50-day, 100-day, and 200-day exponential moving averages.
In the past 24 hours, Ethereum’s market capitalization has reached $380.06 billion with a rough increase of 6%. Market watchers argues that if price continues to grow their are expectations of market capitalization soon reach $400 billion.
With its bullish prices, Ether market dominance has reached 10.26% with a weekly increase of 8.29% and has grown around 40% in the past three months.
However, despite short-term growth in market dominance of Ethereum, it is down by 11.62% in the half-yearly time frame and lost 18.54% in the YTD frame.
In terms of continued bullishness in prices, the nearest visible resistance of ETH is $3,490, followed by $3,751 and $4,000, yet with fewer chances of bearish momentum, its identified support levels are $2,870 and $2,641.
