After several days of decline, the Cryptocurrency market reacted strongly this Wednesday and some tokens reflected positive figures. In particular, the price of the native Ethereum token (ETH) entered a rally that took even the most bullish on this coin by surprise.
In this way, the second most important currency in market capitalization reflects 10% in the last 24 hours. This equates to a price of $3,660 per unit at the time of writing, as data from CoinMarketCap shows. Meanwhile, within a week, the token boasts a performance of +18.1%.
These are outstanding numbers when compared to other important currencies. For example, BTC has a return of +1.86% in the last 7 days. In the same period, Solana (SOL) has +2.30%, BNB exceeds +6% and DOGE +5.33%. Among the top 10 coins, only AVAX, ADA and XRP perform better than ETH.
For now, the most consistent Ethereum (ETH) investors are rewarded by this powerful price rise of the last few hours. At this point, the obvious question arises: how far will this rally go? In advance it can be said that there is no completely sure answer.
The price of Ethereum surprised with a strong rally this Wednesday. Source: CoinMarketCap
What will happen next to the price of Ethereum (ETH)?
Although it is not possible to know for sure how far the price of the ETH token will go, some estimates can be made. For example, the rally seems consistent, considering the enthusiasm of investors. In that sense, optimism seems solid in open interest. Thus, if the current momentum can be maintained, the currency should have no problem reaching $4K before the end of the year.
Regarding the spot ETFs of this currency, they maintain a constant flow of money for several days in a row. This is in stark contrast to similar Bitcoin products, which are in the red so far this week. In any case, this Tuesday, Ethereum ETFs saw inflows of $40.6 million, according to Farside Investors.
At the time of writing this note, the inflow data for these products is not completely updated on Wednesday. As far as it is recorded, it is $38.9 million, but this figure will clearly be higher when the Farside update is completed.
For its part, the technical analysis is remarkably positive. According to the CoinCodex portal, of 30 technical analysis indicators applied to Ethereum (ETH), 28 indicate that the price will rise. Meanwhile, market sentiment marks a 93% bullish expectation.
The prediction based on the historical behavior of the graphs presents an eminently positive forecast in the short term. Thus, in a period of 3 months, its price would be $4,535 per token. It should not be lost sight of that these predictions are based on technical analysis, which means that they are not necessarily reliable.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to the CriptoTendencia WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
