Ethereum

Ethereum Mania To Resume! ETH Price To Clinch $5000 Milestone By March If This Continues!  

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Feb 2, 2022

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Ethereum price appears to be out of the woods with as star altcoin formed an optimistic outlook. The prevailing chart pattern and on-chain metrics project a 100% upswing if the token flips $3300. The two crucial local resistances $2,900 and $3,300 could become crucial to pass and confirm the upward move. 

The altcoin leader is hopeful of bypassing all the overhead barriers. Moreover, the number of addresses holding +1, +0.1, and +0.01 ETH coins have continued to rise to their new ATHs. Hence, along with a resurgence in the on-chain activity, the star crypto is all set for the long-term bull run. 

Ethereum Bears In Despair! 

ETH price has shown some evidence of solid recovery, holding a $2,700 value area as a critical support zone. Bulls are likely to extend their rally for the next couple of months to bypass the previous ATH. An on-chain metric platform Cryptoquant has revealed that open interest has taken a bullish divergence after a $3 billion OI flush out. 


The above chart confirms a solid bullish divergence in OI. Usually, whenever the OI has corrected to its bottoms, it has boosted the price action followed by huge accumulation. The ETH open interest has seen a meteoric rise in OI of more than $3 billion over the past 7 days. Historical footprints suggest that every time OI has shown swift growth, it has uplifted the price by more than $2000.

Hence, as the same is likely to reiterate, we can expect solid gains in the next couple of months, where the ETH price may end up trading at $5k by Q1 2022. Moreover, the funding rates are on the verge to rise above zero, which is again a bullish sign. 

Collectively, the Ethereum bears appear to have despaired with massive exchange outflows over the week. Intotheblock reported that a whopping $7.85 billion worth of ETH coins left the exchanges in just seven days. Hence, the bullish move has already resumed for the star altcoin and we can expect a swift move in the next couple of weeks. 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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