Ethereum Price Sets Stage For Bullish Rally Towards $1,350

    Ethereum price is showing more strength as it sets the stage for a bullish momentum in the upcoming days. Despite Federal Reserve Chair Jerome Powell pointing to slower rate hikes starting from December, Bitcoin price remains under pressure as compared to Ethereum due to miners capitulation. Several factors now indicate that Ethereum (ETH) price could rally to $1,350 and possibly to $1,550.

    Ethereum Price Prepares for Massive Rally

    While Bitcoin price faces strong resistance at $18,000, Ethereum price continues to move higher. Fed Chair Jerome Powell sparked bullish sentiments in the crypto market after saying to go with slower rate hikes from December.

    Crypto derivatives data platform Coinglass reported that ETH futures open interest on crypto exchange Binance has hit a new all-time high of 2.01 million. An almost 9% increase in open interest in the last 24 hours indicates ETH price will most likely increase in the coming weeks.

    Ethereum Futures Open Interest on Binance
    Ethereum Futures Open Interest on Binance. Source: Coinglass

    Glassnode on-chain data reveals that the total value in the ETH 2.0 deposit contract just reached an ATH of 15,492,407 ETH. Moreover, Ethereum validators’ revenue from fees has reached a 1-month high of 11.310%.

    Analysts including Michael van de Poppe believe Ethereum price is already showing strength as it flipped from the $1,150 level. He suggests that a break-out above $1,225 opens a run towards $1,350 and possibly $1,550.

    Ethereum (ETH) Price Action
    Ethereum (ETH) Price Action. Source: Michael van de Poppe

    Traders look to hold their ETH as it remains above the key support level of $1,200. The Ethereum price rally will help other altcoins to follow suit.

    Will ETH Price Recovers to $1,700

    Ethereum price fails to recover to the $1,700 level after its shifts from PoW to PoS consensus. Moreover, FTX crisis has also influenced the risks of a massive selloff in Ethereum. However, the ETH price over key levels as whales started accumulating ETH from lower levels.

    ETH price is currently trading at $1,280, above the key $1,225 level. The 24-hour low and high are $1,267 and $1,291, respectively. The price soared nearly 2% in the last 24 hours and 8% in a week.

    Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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