Ethereum Price Skyrockets After US Purchase on Coinbase, Buy ETH Now?

Check Today's Crypto Market:

Bittime - Ethereum (ETH) the second largest crypto asset by market capitalization, experienced a significant price increase in the last week. Data from CryptoQuant, a blockchain analytics company, shows that the surge was driven by strong buying pressure in the United States, especially via the Coinbase exchange.

According to CryptoQuant, demand for Ethereum (ETH) on Coinbase, a regulated exchange in the US, has increased significantly. This is reflected in the “Coinbase premium”, which measures the price difference between the ETH/USD pair on Coinbase and Binance, popular global exchanges. Currently, the Coinbase premium is at its highest level since November 2023, indicating high interest from US investors in Ethereum.

The increase in Coinbase premium indicates that Ethereum's upward trend is likely to continue in the coming weeks. This indicator has previously proven to be an accurate marker for ETH price spikes in the past.

Also Read: What is Ethereum Casper? Why is it Important?

There are two main factors believed to be driving the massive buying of ETH on Coinbase by US investors. Firstly, experienced traders have been accumulating Ethereum (ETH) since January 2024, showing their confidence in the long-term potential of this asset. 

Second, anticipation of the approval of a spot Ethereum ETF in the US is likely fueling investor interest. Currently, several large investment companies, such as VanEck and Valkyrie, have applied to launch such ETFs.

Although the prospect of an ETF could result in continued growth for Ethereum, some traders believe that this may not trigger an explosive price increase. Currently, Ethereum has reached a significant level of market capitalization, and ETFs have the potential to attract more institutional investors, who typically prefer steady growth patterns to sudden price spikes.

ETH Price Today

Source: Bittime.com

On February 28, 2024, the price of Ethereum (ETH) was at IDR 51,804,038 per coin, up 2.41% in 24 hours, 11% in the last week and 20% in the last month. This increase was driven by several factors, including:

• US purchases on Coinbase: CryptoQuant data shows a significant increase in demand for ETH from Coinbase, a regulated exchange in the US.
• Ethereum ETF Anticipation: Several large investment firms have applied to launch spot Ethereum ETFs in the US, which could attract more institutional investors.
• Increased on-chain activity: Ethereum's on-chain activity, such as the number of transactions and active addresses, has increased significantly in recent months, indicating growing usage of the Ethereum network.

Also Read How To Buy Crypto:

Technical Analysis

Technical analysis shows that ETH is currently in an uptrend. Indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate bullish momentum.

Level Support dan Resistance

ETH's main support level is currently at USD 2,700, while the main resistance level is at USD 3,000. A break above the USD 3,000 resistance level could push ETH towards the USD 3,500 level.

Conclusion

Ethereum's ongoing rally was driven by strong buying on Coinbase, most likely from US investors. Anticipation of the approval of a spot Ethereum ETF in the US is also increasing investor interest. Although the ETF outlook is bullish for Ethereum, an explosive price increase may not occur due to the high market capitalization level and institutional investors' preference for steady growth.

Check Crypto Prices Today:

How to Buy Ethereum (ETH) on Bittime

You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn the complete guide on how to buy Ethereum (ETH) on Bittime . 

Monitor price chart movements for Ethereum (ETH) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also:

Apa Itu Vulcan Forged (PYR)? Ultimate Web3 Ecosystem

What is Venus (XVS)? The Forerunner of the Universal Money Market

What is Crypto Copy Trading? How it Works and Benefits

DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.