Ethereum (ETH) Price Analysis: Overcome $3,550 Level to Resume Bullish Trend

Ethereum (ETH) started a recovery wave above the $3,050 level along with the rest of the cryptocurrency market. The token has cleared the $3,080 and $3

Cryptocurrency market updates on January 19 show that Ethereum (ETH) price is displaying signs of a potential bullish breakout, while Pepe Coin (PEPE) has seen an upsurge in whale activity following a recent exchange listing. At the same time, Remittix (RTX) has drawn attention with its PayFi solution and ongoing presale.

Key Takeaways:

- ETH price is displaying signs of a potential bullish breakout.

- Pepe Coin has seen an upsurge in whale activity following a recent exchange listing.

- Remittix has drawn attention with its PayFi solution and ongoing presale.

As market participants across the derivatives and spot markets lean toward the buy side, ETH price has maintained a long-term bullish outlook. Notably, Ethereum’s open interest (OI) has been rising over 40% higher than when the market started rallying in November.

This increase in OI highlights that derivative traders are positioning themselves for a potential ETH upside. Similarly, over the past week, investors have withdrawn over 300K ETH tokens from exchanges to private wallets for potential long-term holding. Meanwhile, Ethereum has sustained $65.17 million in futures liquidations, with liquidated long and short positions accounting for $11.55 million and $53.61 million, respectively.

Moreover, the ETH price found support at the $3,000 psychological level but is currently struggling to reclaim the $3,216 level. If the ETH token breaks above this level, it could extend toward its $3,550 resistance level. This level is significant as the 50-day, 100-day, and 200-day simple moving averages are all positioned below it.

If the ETH coin fails to see a rejection near these critical levels, it could soar toward the $3,776 resistance and retest its critical resistance level of $4,093. However, if it fails to close above $3,216, ETH could return to the $3,000 psychological level.

After a recent exchange listing, Pepe Coin has seen an upsurge in whale activity. According to Spotonchain data, an unknown whale made another massive PEPE purchase on the Binance exchange. The whale withdrew 801.64 billion PEPE tokens, which is valued at $13.53 million.

This marks the second-largest PEPE purchase by the same investor. Earlier, the trader moved 1.082 trillion PEPE, valued at $18.53 million, from Binance after buying them at an average cost of $0.00001773 per token. He also moved his 1.5 trillion PEPE to three different blockchain wallets.

This comes after PEPE crypto secured a listing from the Japanese branch of Binance. This bullish news triggered an upsurge in the price of PEPE, recovering some of its pared-off gains during the broader market downturn.

The PEPE price is in wave 3 of a five-wave count, which has recorded one local top, followed by a decline to the 200-day EMA. With this view, PEPE crypto could record prices like previous waves, where the token could hit two local tops before a massive price correction. The two local tops of wave three could drive its value by 594% to a new bullish target of $0.000118 from its current price levels.

Remittix, a PayFi platform, has garnered attention due to its impressive presale momentum. The project is aiming to redefine global payments and the financial sector by integrating FIAT banking with blockchain technology.

Remittix combines the best aspects of crypto payments and traditional banking, offering users the ability to make quick and secure cross-border payments at low costs. The platform also provides businesses with international payroll management capabilities.

Priced at $0.0207 during its ongoing presale, the RTX token is regarded as one of the most promising cryptos. With over $3 million raised after selling more than 172 million RTX tokens, Remittix is anticipated to experience a significant price increase in Q1 2025. As the demand for low-cost, fast, and efficient payment solutions grows, early adopters of RTX stand to benefit substantially.