Is the Ethereum Rally Coming? The price of Ethereum (ETH) is preparing for a rally in the coming days as on-chain data and analysts suggest encouraging signs.
The price of Ethereum is showing more strength as it sets the stage for more volatility in the coming days. Although the chairman of the Federal Reserve Jerome Powell indicated a gradual increase from December, the price of Bitcoin remains under pressure against Ethereum due to the stoppage of the miner. Many indicators now indicate that the price of Ethereum (ETH) may rise to $ 1,350 and possibly $ 1,550.
Ethereum price is preparing for a big rally
While the price of Bitcoin is facing strong resistance at $18,000, the price of Ethereum is moving forward. Fed Chairman Jerome Powell caused a shock wave in the crypto market after he announced that it will gradually increase from December. Crypto data platform Coinglass reported that ETH futures opened interest on crypto exchange Binance to the tune of 2.01 million new. An increase of almost 9% in open interest in the last 24 hours indicates that the price of ETH may increase in the coming weeks.
On-chain data from Glassnode reveals that the total value of ETH 2.0 deposit contracts reached an ATH of 15,492,407 ETH. In addition, the Ethereum deposit amount from the fee reached a 1-month high of 11.310%.
Analysts including Michael van de Poppe believe that the price of Ethereum has already shown strength as it breaks out of the $1,150 level. It suggests that a break above $1,225 opens the way to $1,350 and possibly $1,550.
Traders are looking to hold ETH as it remains above the $1,200 key support. The price of Ethereum rally will help other altcoins to follow.
The price of ETH will recover to $1,700
Ethereum price does not recover from the $1,700 level after going from PoW confirmation to PoS confirmation. In addition, the FTX crisis has also affected the risk of Ethereum sales. However, the price of ETH broke above important levels as whales began to collect ETH from lower levels.