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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ethereum Price Spikes 5% In A Day—Will the Rally Continue?

Samuel Edyme
Samuel Edyme
8 months ago
3 mins read
Ethereum Price Spikes 5% In A Day—Will the Rally Continue?

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Ethereum appears to be regaining momentum, showing a notable recovery after reclaiming the $3,200 level. The asset has surged over 5% in the past day, pushing its market capitalization and daily trading volume higher.

This recent movement has narrowed the gap between Ethereum’s current price and its all-time high to just 33%, giving investors reasons to pay closer attention. Various analysts have weighed in on the potential implications of this price action, offering a mix of short- and long-term outlooks.

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Ethereum’s Prolonged Consolidation: What Is Really Going On? Analyst Weighs In

Ethereum’s Prolonged Consolidation: What Is Really Going On? Analyst Weighs In

8 months ago

Analysts Discuss Key Levels and Future Targets

Elite, a well-known crypto analyst, pointed out that Ethereum’s resilience came in the face of “hawkish signals” from the Federal Reserve. The analyst wrote:

Despite the Fed’s hawkish signals yesterday, ETH broke past the $3,200 mark, showing impressive resilience. But that’s not all—on-chain activity is soaring.

According to IntoTheBlock data, active Ethereum addresses have increased by 37% over the last few months, reaching 670,000—significantly surpassing the 400,000 level seen in early 2024.

Ethereum daily active addresses.
Ethereum daily active addresses. | Source: IntoTheBlock

This sharp rise in network activity is viewed by some as an indication of growing demand and renewed bullish momentum as the new year unfolds.

Several other analysts have also shared their perspectives on Ethereum’s price trajectory. WorldofCharts highlighted the cryptocurrency’s consolidation within a tight range, forming a bullish pennant.

He suggested that a successful breakout from this pattern could propel Ethereum toward the $4,000 resistance area. This ascending triangle level, previously outlined in his analysis, may serve as a critical milestone for the asset’s upward trajectory.

$Eth #Eth Consolidating Within Tight Range Of Bullish Pennant, Expecting Upside Breakout Soon, Incase Of Successful Breakout Ethereum Can Target 4000$ Area Ascending Triangle Resistance Area “Which I Shared Recently” https://t.co/Gq5sYBiKfA pic.twitter.com/B36VRnN9Qm

— World Of Charts (@WorldOfCharts1) January 30, 2025

Ethereum On The Path To A $9,000 Rally?

Another prominent analyst, Ted, emphasized that Ethereum’s higher lows on longer timeframes signal a strengthening bullish structure. He identified the $4,000 level as pivotal, predicting that its recovery could open the door to a new all-time high.

Related Reading

Ethereum Price Faces Pressure

Ethereum Price Struggles Against Resistance: A Tough Road Ahead

8 months ago

Ted went even further, forecasting that Ethereum could reach $9,000 to $10,000 within the next three to four months if these bullish conditions persist. This optimism is supported by growing on-chain activity and sustained investor interest.

Ethereum is forming higher lows on the longer timeframe.

$4K remains the most crucial level, and the reclaim of that will send $ETH to new ATH.

Once that happens, I’m expecting Ethereum to hit $9K-$10K within 3-4 months. Trump will buy more and more 🔥 pic.twitter.com/c3fFVXh8Xl

— Ted (@TedPillows) January 29, 2025

Ethereum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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