Ethereum (ETH) marked a strong recovery over the past 24 hours, as buying during the U.S. market holiday helped support prices.
The world’s second largest cryptocurrency rose nearly 10% in the past 24 hours to $1,155.82- after coming close to breaking below the $1,000 mark again. Concerns over a U.S. economic recession, and a cascade of crypto bankruptcies have battered ETH this year.
Given the weak macro environment, the latest price bounce may be short-lived. Low trading volumes during the U.S. Independence Day holiday may have also factored into its sharp rise.
On-chain data shows that ETH is till being moved rapidly into exchanges, which makes the token vulnerable to more sell-offs.
ETH balance on exchanges close to 2022 highs
Data from on-chain analytics firm Santiment shows that as ETH crashed to near $1,000, the amount of tokens being moved onto exchanges steadily increased.
