Ether’s 11% rally in the past week was spurred by buying pressure in the U.S.
A spike in demand from the regulated exchange Coinbase (COIN), most prominent in the U.S., preceded a jump in ether (ETH) prices, according to the “Coinbase premium,” an indicator showing the gap between Coinbase’s ETH/U.S. dollar pair and Binance’s ETH/USDT pair.
“The recent Ethereum price action was driven by the US demand,” CryptoQuant’s head of marketing, Ho Chan Chung, said in a Telegram message. “We can clearly see that the Coinbase has triggered the upward movement with the premium index.”
The metric is starting to rise again, suggesting a sign of more price gains in the coming weeks.
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Source:
Coinbase
