Ethereum prices staged a comeback on Sunday, September 26 following a massive plunge earlier in the week. Its price which went as low as $2,651 on Coinbase, is now back on the $3,030 mark.
The ETH/USD exchange rate was seen rising by 3.63% on the day, bringing its rise to a 14.3% upward recovery from the pair’s all-week-long low of $2,651.
Recall that last week, Ether prices fell, for all the uncertainties and news emerging from China. And as early as Monday, traders could be seen responding to news of China’s indebtedness in the property market. This led to them dumping their crypto assets in a panick mode that in turn, led to a worldwide sell-off.
The rebound move surely started sometime later in the week however, but was quickly met with another unfavorable news on Friday, thus leading to a relapse. That was when the People’s Bank of China re-announced that crypto transactions are still considered illegal. Nonetheless, Ethereum bulls who held, have now pushed prices back above $3,000, a psychological resistance mark.
Ethereum was not alone though, because at the time of its price fall, top competitors like Cardano (ADA) and Solana (SOL) were also underperforming. SOL/USD lost more than 3% on a 24-hour adjusted timeframe, while ADA/USD dropped more than 5% at the time.
There is institutional demand for Ethereum
Report from JPMorgan & Chase may also be suggesting that the notable Ethereum gains may be as a result of institutional investors who are now becoming more exposed in the Ethereum markets.
The JPMorgan report surely tallies with another record by CryptoQuant, of the amount of Ether tokens that are getting withdrawn in all crypto exchanges. At the time of this report, the net ETH reserves on all trading platforms is on a decline to 18.44 million ETH compared to the 23.94 million ETH of just a year ago.
Ethereum Price Prediction: ETH to surpass the intraday highs of $3037