The Key Reasons Why Ethereum (ETH), Price Could Be Ready for A Pump
Ethereum (ETH) Price News. Although Monday saw a welcome rebound, technical metrics are not adding up on many levels. This can be interpreted as a return to altcoin investments after many traders chose to accumulate Bitcoin (BTC), following the FTX crash in November 2022. The crypto crash wiped out the gains made over several months. Technical parameters in ETH’s case point to potential upside in price over the next weeks.
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In the wake of the FTX scenario, there was a lot of asset flow to low-risk cryptocurrencies. Many traders preferred to hold stablecoins, while others preferred Bitcoin. Altcoins began to see price increases after the FTX-related liquidity crisis caused by a lower price. ETH prices also experienced a weekly increase of 8.64%. The ETH price is rising in line with the overall rebound activity in the crypto market. According to CoinGape’s live price tracker, the ETH price is at $1,320 as of writing. This is an increase of 4.61% over the last 24 hours.
Technical indicators indicate that prices could rise further in the coming weeks. The recent increase in ETH exchange inflows could indicate that the market is near its bottom. According to Crypto Quant data, the number transfer of tokens is very low at the moment. This means that there is no indication of price reaching its local peak.
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At the current price, ETH seems to be in the phase of capitulation. It remains to be seen if ETH will drop further, given the bizarre movements in the current market cycle.
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