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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.
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