The price of Ethereum has once again shown positive momentum when it jumped around 6% and managed to surpass the $2,100 level.
At the time of writing, the price of Ethereum is currently at $2,155.13, down 0.04% since it opened early Wednesday in Asian trading.
However, despite this increase, market data reveals a rather worrying signal when demand from US investors has not yet fully recovered.
Through the Coinbase Premium Index indicator, the price of ETH on Coinbase is seen lower than Binance, indicating selling pressure or lack of buying interest from US institutional investors.
This indicates that the current price increase is most likely driven by global investors, not American 'whales' who are usually the main drivers of the market.
However, from a long-term perspective, Ethereum still has a strong foundation.
Previously, the MVRV Ratio indicator showed this asset was in a loss zone that has historically been considered the best buying opportunity.
From around $1,800, ETH managed to bounce back, giving hope that the recovery trend still has the potential to continue.
Ethereum's rise this time is a positive sign, but the lack of support from US institutional investors makes this rally still fragile and needs to be watched more carefully.
