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Bitcoin saw a surge in the evening hours following ETF update news, which brought an increase across most cryptocurrencies, and Ethereum (ETH) adapted wonderfully to this situation. Although this sudden uptrend gives investors hope for a continuous bull rally, one analyst had something different to say.
Ethereum Price on the Rise
After about a week of decline, ETH investors finally seem to breathe a sigh of relief as indicators on the daily price chart turn positive.
According to CoinMarketCap data, the ETH price has experienced an increase of nearly 4% in the last 24 hours and is trading at $2,289. As of writing, Ethereum’s overall volume has risen by 3% to over $275 billion, and the 24-hour trading volume has increased by 44% to over $12.7 billion.
Despite this bullish outlook, the latest analysis shared by CryptoQuant highlighted that ETH moving within a narrow price range is the most likely scenario in the coming days.
CryptoQuant‘s leading analyst, CryptoOnChain, indicated in his analysis that derivative market charts point to more short positions compared to long, which could be a sign of a potential downturn.
While sharing this analysis, the analyst mentioned that it would not be possible for ETH to start a bull rally if Bitcoin (BTC) could not break above the key resistance level of $43,500.
However, as of today, Bitcoin has significantly surpassed the mentioned resistance level in the evening hours and is currently trading at $46,770.41.
The Future of Ethereum
According to the analysis related to CryptoQuant data, there seems to be high buying pressure on the token. In short, it can be said that the net deposit on exchanges is low compared to the seven-day average. The increasing number of active addresses is another bullish sign for the ETH price.
Premiums from Coinbase appear to have a positive outlook, highlighting the continued high demand for purchases among American investors. This situation is not only limited to this but also reflected in Ethereum’s funding rate.
Ethereum’s funding rate also had a positive outlook during this period. To interpret this, it reflects that derivative investors are still eager to actively buy ETH at higher prices.
If ETH can start a bull rally in light of these conditions, the cryptocurrency may encounter resistance in several areas and could keep investors busy in these regions. It is likely that ETH will face resistance at the $2,400 level and then at $2,450 in the near future.
The anticipated ETF approval and the resulting rise in expectations could also affect ETH and, accordingly, the altcoin may not struggle to surpass the mentioned levels.
