Ethereum price currently shows the signs of an upcoming rally with a slight rebound from the support levels
With the drop in the Ethereum price, the ETH gas fees also dropped to the December 2020 levels
The pace at which Ethereum price is moving in order to recover the loss from the past month crash is always under a watch. Moreover, the price movement was also anticipated to be lagging behind that of Bitcoin. And hence it is believed that ETH price is highly undervalued.
As BTC price was moving sideways the past whole week, ETH price also was accumulating within the same time. After the strong consolidation, the price is expected to rally high and probably could hit above $2800 levels. And hence, a popular analyst Murfski, signals the buy time for Ethereum right now.
As per the chart, the price completes accumulation and on the verge of the pulling next leg up. The analysts also predict a small manipulation phase may also be incoming that may drag the price too much lower levels. However, a huge expansion phase could also follow which may escort the price close to $3000.
Other Bullish Indicators For Ethereum Price
Ethereum could range high in the coming days after a successful consolidation. Other than this the other two indicators that point out towards the upcoming bull rally are the increase in the whale wallets and decrease in the ETH gas fees.
One of the popular on-chain analytic platform Santiment in a tweet mentioned that the top 10 Whale wallets continue to swell despite the price movement. These wallets are not on any exchanges since 2016 and hold a combined figure of 19.67 million ETH. On the other hand, the ETH gas fees has also dropped drastically with the drop in ETH price.
However, until the gas fees are tackled, the fees tend to surge with the jump in the Ethereum price. The upcoming ETH 2.0 may have an impact on the price and hence reaching ATH may also be quite possible in the upcoming quarters of 2021.