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Cryptocurrency News Articles

Ethereum (ETH) Price Prediction: ETH Gains Traction with Strong On-Chain Activity and Market Momentum

Jan 19, 2025 at 07:36 am

Ethereum price is gaining traction with strong on-chain activity and market momentum. A potential head-and-shoulders pattern signals bullish growth, while ETF inflows hit record levels. Recent whale transactions also show confidence in Ethereum's potential for further price gains.

Ethereum (ETH) Price Prediction: ETH Gains Traction with Strong On-Chain Activity and Market Momentum

Ethereum price analysis reveals bullish momentum as the price trades above $3,400. A bullish trendline formation and strong market support indicate a positive trend.

However, further gains may be limited by the upcoming resistance level.

Ethereum price analysis reveals bullish momentum as the price trades above $3,400. A bullish trendline formation and strong market support indicate a positive trend. However, further gains may be limited by the upcoming resistance level.

The world’s second-largest cryptocurrency by market capitalization continues to trade positively as 8% gains over the past 24 hours have brought ETH closer to breaking past $3,500.

A recent analysis by Ali outlines key bullish indicators that have contributed to Ethereum’s price surge.

A potential head-and-shoulders pattern formation on the 4-hour chart is signaling bullish growth.

A “head” formation can be observed around April 17 when ETH price reached a high of $3,444. This was followed by a “left shoulder” formation on May 8 as the price dropped to a low of $2,800.

Currently, the right shoulder is forming as the price consolidates in the $3,380 to $3,420 range.

If this pattern completes and the neckline is broken, it could indicate a possible bullish continuation.

Moreover, ETF inflows hit record levels in January as data from Finbold reveals.

Net inflows into Ethereum ETFs reached $166.6 million, the highest among major crypto assets.

This occurred as the price of ETH rose to $3,409, coinciding with a period of high demand for the asset in the market.

ETFs serve as an accessible investment vehicle, making cryptocurrencies like Ethereum available to a broader range of institutional and retail participants.

However, as ETF participation continues to grow, with total assets under management (AUM) now exceeding $12 billion, this indicates increasing confidence from investors in Ethereum as a digital asset.

Disclaimer:info@kdj.com

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Other articles published on Jan 31, 2025