• 23 July, 2024
Market News

Ethereum’s Price Hiked by Over 30% in January. Will ETH Continue its Rally?

Ethereum price action over the last 31 days has been quite impressive, with the leading cryptocurrency’s value climbing over 30%. But as investors take profits, Ethereum’s bullish trend has slowed. To understand what may happen next for ETH, we’ve looked closely at Ethereum network growth and its Aroon Indicator.

The Aroon indicator also suggests that Ethereum may not sustain its current momentum in the near future. As profit-taking intensifies, the alt might be gearing up to shed some (if not all) of its gains in February.

A look at ETH’s Aroon Indicator on the daily chart reveals that the bullish sentiment has weakened significantly in the past few weeks. The Aroon Up line was spotted at 21.43%. This is significantly lower than the high of 78% it touched on January 14th.

ETH/USD monthly chart: TradingView

Apart from the Aroon indicator, we have also looked at Ethereum’s network growth in terms of its active addresses and daily transactions. The number of active addresses on the network has been steadily increasing over time, indicating that more people are engaging with the Ethereum ecosystem. Similarly, daily network transactions have also continuously increased, which could indicate increased adoption and usage.

Ethereum recent price analysis

Ethereum is trading at $1,669.95, up by over 6% in the last 24 hours. ETH has rallied significantly over the past few weeks, breaking above the MA-50 resistance at $1,550 and above the price of $1,600.The current outlook is bullish, with ETH likely to hold on to its current level of support.

ETH/USD price analysis on a daily chart shows ETH is trading in a bullish trend, Above the MA-50 resistance, with no major resistance levels in sight. The next area of resistance that ETH could see is near the $1,780 level if it breaks out above the current range.

ETH price is starting to form a bullish engulfing pattern, which could signify further upside momentum. The RSI is currently at 68.1, indicating that the bullish momentum is still strong and that ETH could continue to rally higher if it breaks out above the $1,780 resistance level.

ETH/USD daily chart: TradingView

The Moving Average Convergence Divergence (MACD) indicator shows that the MACD line is below the red signal line, which could indicate a bearish trend in the near term. Moreover, the Chaikin Money Flow line is trending downward, indicating that money is leaving the ETH market.

Ethereum price analysis on the 4-hour and hourly timeframes shows the bullish momentum is likely to continue. The MACD line is above the red signal line, indicating a bullish trend in the near term. Moreover, the RSI is currently at 61.4, indicating that ETH may be gearing up for a rally higher if it breaks out of its current range.

ETH/USD daily chart: TradingView

Overall, Ethereum’s price action has been very impressive over the past few weeks. However, it remains to be seen whether ETH will be able to sustain its recent momentum and breakout above the $1,780 resistance level. Ethereum’s network growth and its Aroon Indicator suggest that there could be some profit-taking in February, which may put the brakes on ETH’s bullish momentum.

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