Ether (ETH), the Ethereum cryptocurrency, doubled bitcoin (BTC) in appreciation in the past week, while ETH inventories on exchanges hit record lows. The second cryptocurrency by market capitalization shows an appreciation of 17% in the last week, double that achieved by bitcoin (BTC) in the same period.
Since last friday, ETH price has been approaching the psychological $3,000 markwhile BTC briefly topped $42,000 over the weekend, to hold above $41,000.
The reserve of ETH in the exchanges, which shows a pronounced decline since the end of February, has accentuated its decline. As can be seen in the following graph, of the maximum of 22.29 million ETH in the exchanges, registered on February 25, the ETH reserves were this Sunday, March 20, at 21.57 million. This means that an accumulation of ETH by investors is taking place, which is associated with a bullish sign.
Between March 11 and 18, 455,000 ETH, equivalent to 1,342 million dollars, left the exchanges, as reported in this medium. Only on Tuesday the 15th, 332,000 ETH, corresponding to 979 million dollars, left the exchanges, which caused a rebound in the price of UD 2,615 to USD 2,722, or 5%.
Both ether and bitcoin have had a similar decline, 40% in price, from their all-time highs in mid-November, although the drop so far in 2022 has been more pronounced for ETH (-23%) than for BTC. (-14.22%).