ETH price may repeat $2.7K January surge as Bitcoin cools – Analysis
On February 6, Bitcoin (BTC) returned to attacking liquidity at $43,500 after Wall Street opened to focus on Ether (ETH).
Speculation on ETH price movement is high.
Data from Cointelegraph Markets Pro and TradingView recap BTC price action on a tight intraday basis.
The biggest cryptocurrency saw $43,515 a day before retrieving all of its gains on Bitstamp, which attempted to recover after the daily close.
Overall, however, BTC/USD lost direction, and traders turned to a more interesting move for the larger altcoin Ether.
“Bitcoin remains in the middle of a phase,” said Michael Van de Pop, founder and CEO of MN Trading, in a post on X (formerly Twitter).
“This means there is still some consolidation time, so I think Ethereum will start to perform, especially if the reforms are successful. Pre-half maybe $48k.
Prominent trader and analyst Rect Capital has suggested that ETH/USD may even record its move to an 18-month high last month.
$ETH is already showing signs of price stability at this ~$2274 low support
Still technically repeating itself for last month's activity #ETH #Crypto #Ethereum pic.twitter.com/zerO7PfOlJ
— Rekt Capital (@rektcapital) February 6, 2024
Discussing altcoins in general over the weekend, Rect Capital concluded that a broad consolidation is still underway in the narrowing wedge construction, but that bulls could take charge.
Commenting on the cumulative altcoin market cap, the X comments section said, “This move could start the Q1 Altcoin Hype Cycle.”
Bitcoin ETF records 7th day of net gains
Recent developments among US Bitcoin exchange-traded funds (ETFs) continue to provide encouraging signs.
Related: 3 Bitcoin Price Predictions Calling New All-Time Highs and More in 2024
Outflows from the Greyscale Bitcoin Trust (GBTC) were once again lower than the previous week at around 2,600 BTC ($114 million), according to data from crypto intelligence firm Arkham.
“Yesterday's ETF net flows saw another increase of +$68m. That makes for 7 consecutive positive net earnings,” noted trader Dan CryptoTrades said in posting the figures to X.
Today's #Bitcoin sent in $GBTC/Grayscale came out to be worth ~2.6K$BTC or ~$114M.
Just like yesterday!
Yesterday's net ETF inflows saw another +$68m increase.
This results in a net inflow of 7 consecutive positive days. pic.twitter.com/EtOMvn4UDn
— Daan Crypto Trades (@DaanCrypto) February 6, 2024
BitMEX Research, the analytics arm of crypto exchange BitMEX, called recent earnings a generally positive result for leader BlackRock but a “slow day” for other ETF providers.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
