Ethereum price bounces off support at $1,074 with a 7.4% rally in mid-week trading. This fresh bullish wave is moving across the crypto market days after the FTX drainer who made away $600 million plunged crypto assets into another tailspin.The largest smart contracts token is exchanging hands at $1,167 during Wednesday's European session.
It has printed two green candlesticks and appears technically strong to close the gap to $2,000.Ethereum and Bitcoin are back in the green despite traders exercising caution due to the fear of the FTX contagion.
According to Vijay Ayyar, Luno's vice president of corporate development and international, the bullish wave in the crypto market can be attributed to the extreme oversold conditions witnessed over the last three weeks.However, a significant recovery could be a long shot because confidence in the market is still lacking.
Ayyar believes that "we could be seeing a bearish bounce" with resistance slowing down movement to $2,000.Markets in the crypto industry have been on the edge since the FTX crisis started in the first week of November.Read more on cryptonews.com