Ethereum

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<p class="is-style-lead">Ethereum price continued its recovery even as Jump Trading resumed offloading its tokens this week.</p> 
<p>Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) rose to a high of $2,753 on Wednesday, its highest point since Aug. 4 and 30% above its lowest point this month.</p> 
<h2 class="wp-block-heading" id="jump-trading-is-selling-ether">Jump Trading is selling Ether</h2> 
<p>This rebound coincided with that of other coins. Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), which sets the tone in the crypto industry, rose to $61,000 while the combined market cap of all coins increased to $2.15 trillion.</p> 
<p>Ethereum rallied even after Jump Trading resumed selling its Ether holdings. According to LookOnChain, the company claimed 17,049 Ether tokens worth $46.4 million from Lido and sold them.</p> 
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   <p lang="en" dir="ltr">Jump Trading started selling <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ETH</a> again just now!<br><br>They claimed 17,049 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ETH</a>($46.44M) from <a href="https://twitter.com/hashtag/Lido?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Lido</a> and transferred it out for sale.<br><br>Jump Trading currently has 21,394 <a href="https://twitter.com/search?q=%24wstETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$wstETH</a>($68.58M) left.<a href="https://t.co/Cx6nYYRtKw" target="_blank" rel="">https://t.co/Cx6nYYRtKw</a> <a href="https://t.co/ZNnY6EmeMF" target="_blank" rel="">pic.twitter.com/ZNnY6EmeMF</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1823633235466969440?ref_src=twsrc%5Etfw" target="_blank" rel="">August 14, 2024</a>
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<p>Jump Trading has been selling its tokens over the past few weeks, which partially explains why Ethereum’s drop during the <a href="https://crypto.news/bitcoin-chart-showing-mixed-signals-following-crypto-black-monday/" target="_blank" rel="noreferrer noopener">crypto Black Monday</a><strong> </strong>was worse than that of Bitcoin and other coins.</p> 
<p>Data from <a href="https://platform.arkhamintelligence.com/explorer/entity/jump-trading" target="_blank" rel="">Arkham shows</a> that the company still holds 24,919 Ether tokens, 28,735 stETH tokens, and 675 wETH coins. In total, Jump Trading holds assets worth over $423 million.</p> 
<p>A likely reason for Ethereum’s price rebound is that investors have started moving back to spot Ethereum ETFs. Data from SoSoValue showed that spot Ether ETFs recorded net inflows of over $24.3 million.</p> 
<p>Most of these inflows were directed to BlackRock’s Ethereum ETF, which saw $49.1 million in assets, bringing the total assets under management to $843 million. If this trend continues, the fund is likely to hit the $1 billion mark in the coming months.</p> 
<p>Fidelity’s FETH fund also had $5.4 million in assets, while Invesco’s QETH held $813,000. Other ETFs from companies like Bitwise, VanEck, and Franklin Templeton had no inflows on Tuesday, while Grayscale’s Ethereum Trust saw over $31 million in outflows. Its mini trust has accumulated over $981 million in assets, thanks to its lower fees.</p> 
<p> You might also like: <a href="https://crypto.news/spot-bitcoin-and-ethereum-etfs-record-second-day-of-joint-inflows-streak/"> Spot Bitcoin and Ethereum ETFs record second day of joint inflows streak </a> </p> 
<h2 class="wp-block-heading" id="ethereum-price-death-cross-is-a-risk">Ethereum price death cross is a risk</h2> 
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  Ethereum price | chart by <a href="https://www.tradingview.com/symbols/ETHUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
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<p>Still, Ethereum is at risk of further downside because it has formed a death cross pattern on the daily chart. The 50-day and 200-day Simple Moving Averages crossed each other on Aug. 7. In most cases, this pattern leads to more downside.</p> 
<p>Therefore, Ethereum’s upside will be confirmed if the coin flips the important resistance at $2,833 into a support level. This is a crucial level since it was its lowest swing in April, May, and July, and the neckline of the slanted triple-top pattern.</p> 
<p>On the flip side, a drop below last week’s low of $2,114 would indicate more downside, signaling that bears have prevailed.</p> 
<p> You might also like: <a href="https://crypto.news/ethereum-price-prediction-18k-on-the-horizon/"> Surprising Ethereum price prediction: $18,000 on the horizon? </a> </p>

Ethereum rises despite Jump Trading sell-off, ETF inflows, death cross

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