NewsletterEthereum Price Sets Stage For Bullish Rally Towards $1,350
Ethereum price is showing more strength as it sets the stage for a bullish momentum in the upcoming days. Despite Federal Reserve Chair Jerome Powell pointing to slower rate hikes starting from December, Bitcoin price remains under pressure as compared to Ethereum due to miners capitulation. Several factors now indicate that Ethereum (ETH) price could rally to $1,350 and possibly to $1,550.
Ethereum Price Prepares for Massive Rally
While Bitcoin price faces strong resistance at $18,000, Ethereum price continues to move higher. Fed Chair Jerome Powell sparked bullish sentiments in the crypto market after saying to go with slower rate hikes from December.
Crypto derivatives data platform Coinglass reported that ETH futures open interest on crypto exchange Binance has hit a new all-time high of 2.01 million. An almost 9% increase in open interest in the last 24 hours indicates ETH price will most likely increase in the coming weeks.
Glassnode on-chain data reveals that the total value in the ETH 2.0 deposit contract just reached an ATH of 15,492,407 ETH. Moreover, Ethereum validators’ revenue from fees has reached a 1-month high of 11.310%.
Analysts including Michael van de Poppe believe Ethereum price is already showing strength as it flipped from the $1,150 level. He suggests that a break-out above $1,225 opens a run towards $1,350 and possibly $1,550.
Traders look to hold their ETH as it remains above the key support level of $1,200. The Ethereum price rally will help other altcoins to follow suit.
Will ETH Price Recovers to $1,700
Ethereum price fails to recover to the $1,700 level after its shifts from PoW to PoS consensus. Moreover, FTX crisis has also influenced the risks of a massive selloff in Ethereum. However, the ETH price over key levels as whales started accumulating ETH from lower levels.
ETH price is currently trading at $1,280, above the key $1,225 level. The 24-hour low and high are $1,267 and $1,291, respectively. The price soared nearly 2% in the last 24 hours and 8% in a week.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin, ETH, XRP, SOL’s Max Pain Price as Over $4B Options to Expire
- Spot XRP ETFs Nears $1B AUM Milestone as Streak of No Outflows Continues
- Base–Solana Bridge Goes Live With Chainlink Integration, Boosting Cross-Chain Liquidity
- Bitwise CIO Calls Strategy Bitcoin-Sell Narrative “Flat Wrong” in New Client Memo Note
- MetaMask Integrates Polymarket as Crypto Prediction Markets Gain Ground
- What’s Next for Dogecoin Price After Whales Scoop 480M DOGE?
- Can Solana Price Bounce Back to $200 by End of 2025?
- Cardano Price Prediction Ahead of Midnight Sidechain Launch — Is ADA Headed for $0.85?
- Sui Price Eyes $2+ as SEC Approves First 2X Leveraged SUI ETF
- Pi Network Price Shows Signs of Recovery as Unlock Rate Cools
- Bitcoin Price Could Break $100k as Odds of 3 Rate Cuts Hit ATH
