Ethereum

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The post <a href="https://coinpedia.org/price-analysis/ethereum-aims-for-3000-as-accumulation-increases-despite-price-surges-whats-next-for-eth-price/">Ethereum Aims For $3,000 As Accumulation Increases Despite Price Surges! What’s Next For ETH Price?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
<a href="https://markets.coinpedia.org/ethereum/">Ethereum</a> and <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> have shown a strong correlation over an extended period, bringing hopes that Bitcoin’s recent surge above the $50,000 milestone might set the stage for Ethereum to head toward $3,000. The Ethereum derivatives market has witnessed an increase in activity, with traders taking leveraged bullish positions. Moreover, a number of on-chain metrics have shifted to a bullish position, indicating the potential for a significant Ethereum rally in the coming hours. 
<h2 class="wp-block-heading" id="h-investors-begin-their-eth-accumulation">Investors Begin Their ETH Accumulation</h2> 
Ethereum’s value slipped below $2,600 as <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s price</a> stalled around $50K, triggered by unexpectedly high CPI data. The US Bureau of Labor Statistics reported a drop in the annual US inflation rate to 3.1% in January from 3.4% in December, still above the anticipated 2.9%. 
Although the market initially responded poorly to unfavorable news, it has since recovered, with Bitcoin aiming to surpass $52,000 and Ethereum holding steady above $2,700. This turnaround has led to a substantial number of liquidations in the last twelve hours, exceeding $130 million, of which $117 million were from selling positions. 
As <a href="https://coinpedia.org/price-analysis/ethereum-price-surges-as-bulls-break-2500-level-will-eth-price-hit-3000/">Ethereum’s price surges past $2,700</a>, there’s a significant increase in investors buying Ethereum, accumulating it in expectation of further gains. IntoTheBlock’s data shows that the Netflow metric for Ethereum has been decreasing and has lately dropped to a negative figure of -69.95K ETH. 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/zFhiYNQIH4maWkdjmIr5fPkUO39d24wX_40IBcHrkAyeOkcL4a76syc2DWvRUPXXOTZDeJeI8hRz52plAujPJx3uyB7S_xq1SVduDiFWc1F0OmSGFIoj89xwe0HFa69P2qB8bwZnv8QRh5X3-JpVXvk" alt="">
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This trend suggests that the amount of Ethereum being moved off exchanges for holding is surpassing the amount being deposited, reflecting rising investor confidence. Such a shift points to the possibility of additional increases in Ethereum’s price. 
Moreover, the competition to launch a spot <a href="https://markets.coinpedia.org/ethereum-etf/" target="_blank" rel="noreferrer noopener">Ethereum ETF </a>is intensifying. Franklin Templeton has recently applied for a spot Ethereum exchange-traded fund (ETF), as per a document submitted to the SEC. These developments boost the confidence among holders to accumulate more ETH, triggering further price surges. 
Also Read: <a href="https://coinpedia.org/price-analysis/top-4-ai-based-altcoins-poised-to-surge-20-as-bitcoin-hits-51000/">Top 4 AI-Based Altcoins Poised To Surge 20% As Bitcoin Hits $51,000!</a> 
<h2 class="wp-block-heading" id="h-what-s-next-for-eth-price">What’s Next For ETH Price?</h2> 
Bears attempted to halt Ether’s recovery around the immediate Fib level at $2,700, but the bulls defended strongly. ETH price is now surging exponentially and touched a high near $2,773. As of writing, ETH price trades at $2,748, surging over 5.1% from yesterday’s rate.&nbsp; 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/8vVFofi-zH8ypLko42IV_yhcG6nYYlqVGpbQr8ibP62S5G2ejcmAXm0Y41AdiTEDnENMp1omZarBvG87qCiZYULUYGbjHFrNYepwQ09vw3lAoPD6idagAcDs56scBLZcQfKtLdLSdAF0A--W-Q7elac" alt="">
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Recently, the ETH price faced a resistance near $2,773 as sellers plunged the altcoin below immediate Fib level. The upward trend of the 20-day Exponential Moving Average (EMA) at $2,619 and the Relative Strength Index (RSI) in the overbought territory signal that a correction is on the horizon. There is a fear of a correction from $2,700; however, holding above this level could send the ETH price towards $3,000. 
The crucial support level to monitor on the downside is the breakout level of $2,400. Should ETH price drop below this level, selling pressure might intensify, potentially sending the price down to the support at $2,150, where buyers are likely to put up a strong defense.

Ethereum Aims For $3,000 As Accumulation Increases Despite Price Surges! What’s Next For ETH Price?

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