Ethereum

Based

Chair

Bitcoin

Spot

<img width="1200" height="551" src="https://coingape.com/wp-content/uploads/2024/01/o5yKr8DQ-e1705520270222.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" style="float:right; margin:0 0 10px 10px;">
Ethereum, the second-largest cryptocurrency by market capitalization, has exhibited a notable bullish trend since the second week of January. This period coincided with the much-anticipated approval of the Spot Bitcoin ETF, a development that significantly contributed to Ethereum’s price surge from $2,170 to $2,714. In contrast, Bitcoin displayed continued volatility during this period. As previously reported by <a href="https://coingape.com/markets/ethereum-price-prediction-accumulation-ahead-of-spot-btc-etf-3k/">Coingape</a>, there was a substantial increase in whale accumulation for Ethereum in December 2023. This trend suggests that ‘smart money’ investors showed a greater inclination towards Ethereum over Bitcoin, despite a historical milestone.&nbsp; 
Will Bitcoin continue to rise as <a href="https://coingape.com/sec-chair-hangs-ethereum-etf-in-balance-heres-why/">Ethereum ETF</a> could be the next topic of investor’s focus? 
<h2 id="b-ethereum-price-project-strength-for-prolong-recovery-b">Ethereum Price Project Strength for Prolong Recovery.&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The ETH price may prolong recovery until the expanding channel is intact.</li> 
 <li style="font-weight: 400;" aria-level="1">A falling coin price may find a surge in demand pressure $2430 and $2300 supports</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $11.03 Billion, indicating a 10.3% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/o/o5yKr8DQ.png" alt="Ethereum Prics" width="1946" height="893">
 <figcaption class="wp-caption-text">
 Ethereum Price| TradingView Chart
 </figcaption>
</figure> 
The Ethereum coin has rallied in a bullish trajectory for the past four months, where the price jumped from $1522 to a recent high of $2714, registering 77% growth. A look at the daily time frame chart shows that this recovery can be followed using two divergence trendlines which show the formation of an expanding channel.&nbsp; 
The coin price rebounded at least thrice from both trendlines indicating the market participants took a stick on this pattern structure. In theory, this chart setup reflects increasing volatility in an asset but provides a directional trend, once price breaks from either trendline.&nbsp; 
Amid the current downturn in the market, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> recently reverted from a $2714 high to a plunge of 7.25% to $2517. This bear within the chart range could tumble the ETH value another 8-9% to lower the trendline around $2300.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-174882" src="https://coingape.com/wp-content/uploads/2024/01/GD_f97tbsAAwMHv.jpeg" alt="" width="2752" height="1781" srcset="https://coingape.com/wp-content/uploads/2024/01/GD_f97tbsAAwMHv.jpeg 2752w, https://coingape.com/wp-content/uploads/2024/01/GD_f97tbsAAwMHv-300x194.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/GD_f97tbsAAwMHv-1224x792.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/GD_f97tbsAAwMHv-768x497.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/GD_f97tbsAAwMHv-1536x994.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/GD_f97tbsAAwMHv-2048x1325.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/GD_f97tbsAAwMHv-150x97.jpeg 150w" sizes="(max-width: 2752px) 100vw, 2752px"> 
Some recent insights from on-chain analytics firm <a rel="nofollow" href="https://x.com/santimentfeed/status/1747362860941103110?s=20">Santiment</a> indicate. In just one week, the Ethereum price dominance over Bitcoin has spiked, reaching a remarkable increase of +22.4%. The network is experiencing rapid growth, averaging 89.4K new $ETH addresses daily, with an impressive surge to 96.3K new wallets yesterday. Ethereum’s presence in exchange supplies is dwindling, dropping from 8.15% to 8.10%, approaching its all-time low of 8.05%. 
These developments project the ETH price is likely to rebound from a lower trendline which could surge its value past $2700 to chase the $3000 mark. 
<h2 id="b-eth-btc-pair-rebounds-from-crucial-support-b">ETH/BTC Pair Rebounds From Crucial Support</h2> 
<img decoding="async" class="aligncenter size-full wp-image-174883" src="https://coingape.com/wp-content/uploads/2024/01/GECK8rDXEAAa7hU.png" alt="" width="1634" height="860" srcset="https://coingape.com/wp-content/uploads/2024/01/GECK8rDXEAAa7hU.png 1634w, https://coingape.com/wp-content/uploads/2024/01/GECK8rDXEAAa7hU-300x158.png 300w, https://coingape.com/wp-content/uploads/2024/01/GECK8rDXEAAa7hU-1224x644.png 1224w, https://coingape.com/wp-content/uploads/2024/01/GECK8rDXEAAa7hU-768x404.png 768w, https://coingape.com/wp-content/uploads/2024/01/GECK8rDXEAAa7hU-1536x808.png 1536w, https://coingape.com/wp-content/uploads/2024/01/GECK8rDXEAAa7hU-150x79.png 150w" sizes="(max-width: 1634px) 100vw, 1634px"> 
Based on the latest insights from respected analyst <a rel="nofollow" href="https://x.com/CryptoMichNL/status/1747579518066233351?s=20">Michaël van de Poppe</a>, Ethereum is showing a remarkable rebound, potentially signaling an upcoming uptrend. To firmly establish this trend, Ethereum must surpass the 0.06 BTC level. The observation of a weekly bullish divergence is a strong indicator of Ethereum’s increasing momentum, suggesting we might see considerable strength in the market over the next few months. 
<ul> 
 <li aria-level="1">Exponential Moving Average (EMA): The ETH price above daily EMAs(100 and 200) accentuates the overall trend is bullish.</li> 
 <li aria-level="1">Relative Strength Index (RSI): The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> above 50% reflects the buyers having an upper hand on this asset.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/ethereum-price-dominance-over-bitcoin-grows-exchange-supply-at-all-time-low/">Ethereum Price Dominance Over Bitcoin Grows, Exchange Supply At All-Time Low</a></li> 
 <li><a href="https://coingape.com/sec-chair-hangs-ethereum-etf-in-balance-heres-why/">SEC Chair Hangs Ethereum ETF in Balance; Here’s Why</a></li> 
 <li><a href="https://coingape.com/just-in-valkyrie-bitcoin-etf-brrr-soars-12-pre-market-as-rivals-extend-declines/">Just-In: Valkyrie Bitcoin ETF (BRRR) Soars 12% Pre-market As Rivals Extend Declines</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-why-ethereum-price-outperform-bitcoin-recovery/">Here’s Why Ethereum Price May Outperform Bitcoin Recovery in Near-Term</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s Why Ethereum Price May Outperform Bitcoin Recovery in Near-Term

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