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Ethereum (ETH) Price Makes Unexpected Move, Aiming at $1,700

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Thu, 26/01/2023 - 17:00
Ethereum (ETH) Price Makes Unexpected Move, Aiming at $1,700
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The market remains unpredictable and has not yet decided the direction it will move in the foreseeable future. Ethereum has unexpectedly reversed and gained more than 7% to its value since yesterday, while Cardano has not even retraced. Even the most volatile assets like Aptos are not stopping.

Ethereum reversal

As soon as the network celebrated reaching numerous milestones, investors turned to Ether once again, pushing its value upward and supporting the rally on its way up. In less than a month, Ether reported the new ATH in the number of stacked coins on the network, added a few thousand more validators, with their total number on the blockchain exceeding half a million and seeing a massive increase in the total number of ETH holders.

Ethereum chart
Source: TradingView

The fundamental rise of Ethereum is something that the whole market can capitalize on since it opens up several funding channels that push the whole industry up. With the rise of Ethereum, we are seeing inflows to L2 networks, alternative blockchains like Solana and the Web3 industry in general.

From a technical perspective, Ethereum has a few bases to cover, as we can clearly see a divergence between the asset's price and the Relative Strength Index. The signal on the chart might bring some serious problems as it usually hints at an upcoming reversal.

In addition to the RSI, the trading volume has been moving downward, suggesting that the current trend is fading as traders are slowly closing their positions and mostly de-risking as social metrics suggest the rise of fear among crypto investors.

ADA's solid rally

In contrast to volatile assets like Shiba Inu or Aptos, Cardano's underlying cryptocurrency has been steadily moving upward in a relatively slow but resilient fashion. The asset entered the ascending channel at the beginning of this month and gained almost 30% to its value since.

Related

The dynamics on the asset we are seeing now have not changed much since the beginning of the reversal on the market. The coin has been seeing a steady inflow and has not fallen below the trend line support level we mentioned in our previous market review.

The next resistance level for ADA will be at $0.42, which shows that the asset still has a lot of room to grow.

Aptos updates its ATH

Though the notorious cryptocurrency has been showing a mixed dynamic since listing on major cryptocurrency exchanges throughout 2022, APT has been steadily going up in the last few weeks, updating its ATH numerous times.

Unfortunately, there are not many things to say or highlight from a fundamental point of view, as Aptos is gradually developing its own solutions that might become useful in the future which, however, is unlikely to be tied to its recent price performance.

From a technical perspective, APT is moving without any resistance ahead since they could not form in such a limited period. The only thing that can give us a hint about the perspective of APT on the market is the flow of funds.

According to open interest and volume on APT markets, investors are still interested in the asset and will most likely continue to push it forward until the rest of the market is stable.

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