After a financial drought which lasted nearly a fortnight, the crypto sector as a whole seems to have made an impressive recovery—  with the price of ETH rising by nearly 18% within the span of just 24 hours.

At press time, the second largest cryptocurrency by total market capitalization is trading at $219.90, a price point that is nearly $45 higher than what the currency was being sold at just 24 hours back.

Confirmed: ICO’s Sold 160,000 Ether Over Past 10 Days

As was reported by Cryptomode earlier this week, Ether’s recent poor market showing was largely attributed to a massive ICO sell-off which saw the value of ETH plummet to a 16-month low of around $170.

However, these stories were largely unconfirmed and thus many analysts dismissed them by saying that these reports were merely a means of ‘consoling investors’ who had lost a lot of money in the crypto market.

With that being said, Trustnodes has just released a research study which clearly shows that over the course of the past few days, over 160,000 Ethereum tokens (which roughly translate to $30+ Million) were sold by different ICO projects in an attempt to secure more “valuable fiat pairs”. To be even more specific, a number of ICO’s dumped 82,000 ETH on September 4, which then caused the crypto sector as a whole to commence its downward spiral.

Technical Outlook

With the premier crypto asset now over the $200 mark, the aim now seems to be to cross the $274 threshold– which if achieved will once again instill a lot of investor confidence in the currency.

With that being said, the ETH/USD pair is currently tethered by the $200 support line, which means that the coming few days could possibly see the currency slip below the $190 mark once again.

Final Take

The past 24 hours have been good for the crypto sector, with the total market capitalization of all the altcoins available today rising from $191 Bln on September 12 to a more respectable $204 Bln (at press time).

However, what the coming days and weeks have in store for this nascent space is anyone’s guess.

Technical Charts Courtesy of TradingView.com

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