The price of Ether (ETH) has pulled back to retest $3,000 support levels on Feb. 9 after Ethereum’s native token reached a three-week high.

ETH’s price climbs to three-week high

To date, ETH’s price has recovered by roughly 50% after the ETH/USD trading pair bottomed near $2,150 on Jan. 24.

ETH/USD daily price chart. Source: TradingView

ETH’s price jumped on Feb. 7 in part due to KPMG, part of the Big Four accounting giants, announcing that the firm is adding Bitcoin (BTC) and Ether to its Canadian division’s balance sheet. Bitcoin rallied to over $45,500 in the wake of the news, its best level in almost a month. 

However, the Big Four accounting giant chose not to disclose the degree of its exposure in the Bitcoin and Ether markets. But KPMG did state that it is helping its clientele “navigate” the world of crypto assets.

Anthony Pompliano, partner at Pomp Investments, called KPMG’s move “incredibly forward-thinking,” noting that its involvement would strike confidence in its clients that might have been considering adding crypto assets to its balance sheets. He noted on Tuesday:

“Over a long enough timeframe, it feels like corporate demand will continue to explode and these assets will benefit from persistent buys, along with long-term holders, for years and decades to come.”

ETH to $4K next?

Ether’s price recently logged its seventh 50% drawdown in history in what many called a new “crypto winter.” But the ETH/USD pair recovered half of its losses by rising from its bottom level of $2,150 to as high as $3,234 in less than three weeks.

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