Will Ethereum (ETH) Price Rally Like Aptos (APT) Due To This Key Metric? – Crypto News – Crypto News
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Will Ethereum (ETH) Price Rally Like Aptos (APT) Due To This Key Metric? – Crypto News

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The price of Ethereum (ETH) is currently recording gains for the year of about 30%, which the flagship cryptocurrency has accomplished in just three weeks. In spite of the fact that there are a few bearish indications that occur along the levels of lower timeframes, bulls have nonetheless managed to maintain their dominant position.

Ethereum’s Key Metric Hit ATH

In the past several weeks, ETH has been on a tear, skyrocketing from a price of roughly $1,200 to a recent high of $1,568. This has been an incredible run for the crypto with the second-highest market capitalization, Since the beginning of January 2023, the price has increased by more than 32%, and it is currently consolidating above important support levels. The trading volume for Ethereum has dropped by more than 14% in the past twenty-four hours, which suggests that there is not a significant amount of buying pressure at the current levels.

Read More: Check Out The Top Crypto Telegram Channels Of 2023

However, the upgrade to Ethereum Shanghai is something that holders of ETH are eagerly awaiting because they anticipate it to propel the price of the coin to new heights in the crypto market, It is expected that the Shanghai fork will become operational in March of 2023. And, according to the latest update, the total value in the Ethereum 2.0 The deposit contract just reached an all-time high of 15,513,575 ETH.

Ethereum (ETH) Price Surge

Now, this comes as a crucial metric, which determines the growing trust of market participants in the leading blockchain network. This, in turn, presents a bullish scenario for the altcoin king in the long-term prices. Also, on a lower timeframe, if the Federal Reserve comes out with more dovish rhetoric in response to the fact that some data points are indicating inflation to drop, a turnaround in the monetary policy could occur. That would indicates that the market was correct, and it would lead to an increase in people’s appetite for risky assets. The price of ETH could possibly break past $1,688 and even surge towards $1,928, but it might stop just short of the psychological $2,000 milestone.

Ethereum (ETH) Price

This viewpoint has been echoed by industry stalwarts like Michael van de Poppe, a prominent crypto analyst, who is of the opinions that ETH can continue rallying towards $1,700-1,730 before facing any sort of rejection. Even pseudonymous trading guru, Rekt Capital, opines that Ethereum (ETH) price is inching closer to a massive breakout.

As things stand, the price of Ethereum (ETH) is currently being traded at $1,579.54. This represents a decrease of 0.62% in the past 24 hours, in contrast to its 4.70% dump during the last seven days, as per CoinGape’s crypto market tracker.

Also Read: Top 5 Cryptos With Highest Development Activity

The post Will Ethereum (ETH) Price Rally Like Aptos (APT) Due To This Key Metric? appeared first on CoinGape,

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