Ethereum Price Sets Stage For Bullish Rally Towards $1,350

Varinder Singh
December 2, 2022 Updated August 31, 2024
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Ethereum price

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.

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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.

Ethereum Futures Open Interest on Binance
Ethereum Futures Open Interest on Binance. Source: Coinglass

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.

Ethereum (ETH) Price Action
Ethereum (ETH) Price Action. Source: Michael van de Poppe

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.

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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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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.