Mike Smith
Feb 18
Ethereum is showing signs of recovery, outpacing many altcoins in terms of growth. Over the past 24 hours, the price of ETH has reached a 12-day high, which has attracted the attention of analysts.
On February 17, ETH quotes rose to $2,832, but later rolled back to $2,720. Despite the correction, Ethereum added 2% over the past 24 hours, while the average decline in the market was 2.4%.
Experts note that investors continue to withdraw ETH from centralized exchanges. Currently, only 6.38% of the total supply of the coin remains on such platforms. This process often indicates a decrease in the likelihood of short-term sales, as owners transfer assets to cold wallets, planning to hold them in the long term. However, Santiment analysts warn that such changes should not be perceived as an immediate signal for short-term traders.
Ethereum has long been inferior to other major digital assets, but current trends give reason to expect a change in this dynamic. Meanwhile, the ETH/BTC ratio, which reflects the relative value of Ethereum compared to Bitcoin, is also showing growth.
On February 17, the indicator increased by 7%, reaching 0.029. Despite this, it remains close to multi-year lows - such values were last observed at the end of 2020. The weak dynamics of this ratio since 2022 indicates that ETH continues to lose ground against BTC.
Amid such fluctuations, crypto blogger Lark Davis commented on the situation with a bit of irony, noting that small rises can quickly turn into a fall. Nevertheless, investors are monitoring the developments, assessing the potential for further strengthening of Ethereum.
