Ethereum (ETH) is showing signs of a potential rally in February, with technical indicators suggesting a possible 35% increase if it breaks above a key resistance level. However, the crypto market remains volatile, and ETH faces several challenges, including a strong resistance level and persistent bearish momentum.
Ethereum is currently trading around $3,100, showing signs of potential growth in February. Technical analysis suggests that if Ethereum breaks above the resistance level of a falling wedge pattern, it could experience a 35% rally, reaching a new high above $4,100. This optimistic outlook stems from several factors. Firstly, February historically has been a strong month for Ethereum , consistently delivering positive returns.
Secondly, on-chain data indicates a growing interest in ETH, with daily active addresses surging to a yearly high and exchange net flows suggesting a buy-side bias. These positive signals are further supported by the increasing holdings of Ethereum and Ethereum DeFi tokens by Donald Trump's decentralized finance platform.However, Ethereum faces several challenges. The crypto market remains volatile, and the $4,100 resistance level, once a key sell zone, could pose a significant hurdle. Additionally, bearish momentum persists in the market, as indicated by the RSI and MACD indicators. While the Stochastic Oscillator suggests a potential reversal, Ethereum needs to hold above the support zone between $2,800 and $3,000 to maintain its bullish trajectory. Breaking below this zone could trigger a 25% decline
ETHEREUM PRICE FORECAST CRYPTOCURRENCY TECHNICAL ANALYSIS BULLISH TREND RESISTANCE LEVEL FALLING WEDGE DAILY ACTIVE ADDRESSES EXCHANGE NET FLOWS ON-CHAIN DATA
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