- ETH was up by more than 13% in the last seven days.
- Most indicators and metrics remained bullish on Ethereum.
Bitcoin’s [BTC] spot ETF approval caused havoc in the crypto space, as it resulted in a price plummet for most coins. However, Ethereum [ETH] had other plans, as it registered double-digit growth in the last seven days.
Will investors witness a fresh bull rally during the upcoming week?
The aftermath of ETF approval
According to CoinMarketCap, ETH was up by more than 13% in the last seven days. At the time of writing, ETH was trading at $2,543.60 with a market capitalization of over $305 billion. Sentiment around the token also turned positive.
Moreover, on the 13th of January, Santiment posted that sentiment toward top-capital assets such as Ethereum remained at extremely optimistic levels.
? As the weekend has kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the #ETF approvals. Traders are particularly #bullish toward #Ethereum after its market value climbed above $2,700 for the first
(Cont) ? pic.twitter.com/JxitOuX6Ww
— Santiment (@santimentfeed) January 13, 2024
AMBCrypto’s analysis of Santiment’s data also revealed a similar story. Ethereum’s Weighted Sentiment registered a massive spike last week, meaning that bullish sentiment was dominant.
Interestingly, despite the hike in bullish sentiment, ETH’s social volume registered a drop in the recent past.
Source: Santiment
What to expect from Ethereum
To better understand whether the high bullish sentiment would result in a further hike in the token’s price, AMBCrypto took a deeper look at Ethereum’s state.
Our analysis revealed that ETH’s Supply on Exchanges recently went below its Supply outside of Exchanges, meaning that buying pressure on the token was high.
Whales’ confidence in the token also somewhat increased as its supply held by top addresses went up slightly last week.
Source: Santiment
Ethereum’s Bollinger Bands revealed that its price was in a high-volatility zone. Additionally, its MACD also displayed a clear bullish advantage in the market, increasing the chances of a continued price uptick in the days to follow.
However, the Relative Strength Index (RSI) registered a downtick in the recent past, which could restrict ETH’s price from moving up.
Source: TradingView
Read Ethereum’s [ETH] Price Prediction 2023-24
If Ethereum manages to push its price further up, the token might face a few resistance zones. Therefore, AMBCrypto took a look at ETH’s liquidation heat map.
As per our analysis, if an ETH bull rally is bound to happen, the token would face strong resistance near the $2,740 mark, as previously, the token’s liquidation spiked at that level.
Source: Hyblock Capital
