Ethereum (ETH) showcased what analysts at Santiment are calling "mild signs" of a rebound, outperforming the broader cryptocurrency market. Ethereum’s price reached a 12-day high, striking an intraday peak of $2,832 on February 17.
Despite this surge, the momentum was short-lived, with the cryptocurrency slipping to $2,720 in early trading on February 18. Nonetheless, Ethereum managed to register a 2% gain for the day, contrasting with a 2.4% decrease in the overall crypto market capitalization.
According to CoinTelegraph, Santiment analysts have observed a significant trend of Ethereum moving from exchanges to cold wallets, noting that only 6.38% of Ethereum’s available supply remains on exchanges as of now. This shift is often interpreted as a sign of investor confidence, suggesting a decreased likelihood of a major sell-off in the near future. However, Santiment advises that this should be seen as a long-term indicator rather than a prompt for short-term trading actions.
The Ethereum community has reportedly shown renewed interest in the cryptocurrency this February, following a period of underperformance compared to other large-cap cryptocurrencies in 2024. Expectations of a rebound have been building in anticipation of broader market recoveries.
Despite Ethereum’s recent performance, not everyone is convinced of its stability. Crypto YouTuber Lark Davis commented on the volatile nature of the market, noting that Ethereum’s gains are often quickly followed by market downturns.
The recent price movements have also led to a slight improvement in the ETH/BTC ratio, which measures the value of Ethereum against Bitcoin. On February 17, this ratio increased by 7%, reaching 0.029. However, it remains near the lowest levels since December 2020, as seen on TradingView, reflecting Ethereum’s struggle to regain ground against Bitcoin since mid-2022.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.