- ETH was up by greater than 13% within the final seven days.
- Most indicators and metrics remained bullish on Ethereum.
Bitcoin’s [BTC] spot ETF approval induced havoc within the crypto house, because it resulted in a worth plummet for many cash. Nonetheless, Ethereum [ETH] had different plans, because it registered double-digit progress within the final seven days.
Will traders witness a recent bull rally through the upcoming week?
The aftermath of ETF approval
In keeping with CoinMarketCap, ETH was up by greater than 13% within the final seven days. On the time of writing, ETH was buying and selling at $2,543.60 with a market capitalization of over $305 billion. Sentiment across the token additionally turned constructive.
Furthermore, on the thirteenth of January, Santiment posted that sentiment towards top-capital property similar to Ethereum remained at extraordinarily optimistic ranges.
Because the weekend has kicked off, sentiment towards high cap property stay at extraordinarily optimistic ranges with spotlights on them following the #ETF approvals. Merchants are significantly #bullish towards #Ethereum after its market worth climbed above $2,700 for the primary
(Cont)
pic.twitter.com/JxitOuX6Ww
— Santiment (@santimentfeed) January 13, 2024
AMBCrypto’s evaluation of Santiment’s knowledge additionally revealed an identical story. Ethereum’s Weighted Sentiment registered a large spike final week, that means that bullish sentiment was dominant.
Apparently, regardless of the hike in bullish sentiment, ETH’s social quantity registered a drop within the latest previous.
Supply: Santiment
What to anticipate from Ethereum
To raised perceive whether or not the excessive bullish sentiment would lead to an extra hike within the token’s worth, AMBCrypto took a deeper take a look at Ethereum’s state.
Our evaluation revealed that ETH’s Provide on Exchanges not too long ago went under its Provide exterior of Exchanges, that means that purchasing strain on the token was excessive.
Whales’ confidence within the token additionally considerably elevated as its provide held by high addresses went up barely final week.
Supply: Santiment
Ethereum’s Bollinger Bands revealed that its worth was in a high-volatility zone. Moreover, its MACD additionally displayed a transparent bullish benefit available in the market, growing the possibilities of a continued worth uptick within the days to comply with.
Nonetheless, the Relative Power Index (RSI) registered a downtick within the latest previous, which may prohibit ETH’s worth from shifting up.
Supply: TradingView
Learn Ethereum’s [ETH] Value Prediction 2023-24
If Ethereum manages to push its worth additional up, the token may face a couple of resistance zones. Subsequently, AMBCrypto took a take a look at ETH’s liquidation warmth map.
As per our evaluation, if an ETH bull rally is certain to occur, the token would face robust resistance close to the $2,740 mark, as beforehand, the token’s liquidation spiked at that stage.
Supply: Hyblock Capital