Crypto NewsEthereum (ETH)

Ethereum price to reclaim the $1,300 throne – what are the options?

This week saw a positive recovery in some crypto assets, Ethereum included. It is gaining momentum and preparing for a bullish rally in the coming days. Although Ethereum is still below $1,300, a few factors are pointing to a possible rally to $1,350 and $1,550.

The crypto market has been full of FUD (Fear, Uncertainty and Doubt) for the past few weeks after the FTX crisis. Crypto investors need to speculate on whether to buy or sell holdings as assets tumble lower. For example, reports show Ethereum lost almost 39% in a couple of weeks.

The crypto market has been awaiting the news that the US Federal Reserve is dropping its bullish stance on rate hikes starting in December. With signals pointing to this expectation becoming a reality, some assets have started to show signs of recovery. Despite the uptrend remains Bitcoin however, increasing due to miner capitulation in the minus Ethereum.

Factors indicative of massive Ethereum price surge

Coinglass crypto derivatives data shows open interest in Ethereum futures on Binance all-time high of 2.01 million. It amounts to a 9% increase in open interest in the last 24 hours, indicating a high probability that Ethereum will increase in the coming weeks.

On-chain data from Glassnode also showed that the total value of the Ethereum 2.0 deposit contract reached an all-time high of 15,492,407 ETH. Ethereum validators earnings have also hit a 1-month high at 11,310%.

Ethereum price to reclaim the $1,300 throne – what are the options?, Crypto Trading NewsImage source: CoinGlass.com

These records made players and analysts react. For example, Michael van de Poppe believes ETH is showing strength as it surged from the $1,150 level to the current price. The analyst predicts that a break above $1,225 would trigger a rally towards $1,350 and maybe $1,550.

Traders look forward to holding their Ethereum if it stays above the $1,200 support level. Analysts also believe that the ETH price hike will rub off on other altcoins.

ETH prize trip

Many traders were optimistic about Ethereum’s price increase after the merger was completed. However, Ethereum post-merger has not been surpassed or regained the $1,700 level. With the macro situation, the asset continued to fall and fell below the physiological $1,500 mark.

Whale stacks took ETH price from $1,661 to $1081 in a month. Whales saw the price declines as an opportunity to accumulate ETH holdings. Whale accumulations are often indicators of an asset’s bullish recovery. However, it did not seem so for Ethereum at first, whose price fell to $1,081.

Now the tables are turning and Ethereum appears to be gaining bullish momentum, climbing towards $1,350. Ethereum is trading at $1,283 with a 24-hour trading volume of $6,205,108,773.

Ethereum price to reclaim the $1,300 throne – what are the options?, Crypto Trading NewsEthereum price poised for another bull run l ETHUSDT on Tradingview.com

With ETH price trading above the critical $1,225 support level, there might be hopes for another rise. The price has increased by almost 2% in 24 hours and by 8% in the past week.

Featured image by Pexels, chart by CoinGlass and TradingView.com

Source: Crypto News Deutsch

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