ETH price may repeat $2.7K January spike as Bitcoin cools — analysis

Bitcoin (BTC) has once again targeted liquidity at $43,500, coinciding with the opening of Wall Street on February 6th. However, the focus has shifted to Ether (ETH) as the differences between web 1.0, 2.0, and 3.0 continue to be a hot topic.

Anticipation Grows as ETH Price Movement is Anticipated

Data from Cointelegraph Markets Pro and TradingView shows similarities in BTC price action within a narrow range.

The leading cryptocurrency reached new February highs of $43,515 on Bitstamp before retracing its gains, but has since attempted to regain its position.

However, BTC/USD has yet to establish a clear direction, leading traders to turn their attention to the more dynamic movements of the top altcoin, Ether.

“Bitcoin is currently stuck in between levels,” stated Michaël van de Poppe, founder and CEO of MN Trading, in a recent post on X (formerly Twitter).

Noted trader and analyst Rekt Capital suggested that ETH/USD could potentially replicate the surge that propelled it to 18-month highs last month.

Discussing altcoins in general over the weekend, Rekt Capital concluded that a consolidation pattern within a narrowing wedge was still in progress, but that bulls could soon take control.

“A breakout from this pattern could kickstart the Q1 Altcoin Hype Cycle,” stated part of X’s comments on the overall altcoin market cap.

The Growing Popularity of Bitcoin ETFs

Bitcoin ETFs in the United States have been gaining momentum, with the latest data showing a seventh consecutive day of net inflows.

According to crypto intelligence firm Arkham, outflows from the Grayscale Bitcoin Trust (GBTC) were lower than the previous week, totaling around 2,600 BTC ($114 million).

Trader Daan Crypto Trades pointed out that there has been a positive trend in ETF net flows, with seven consecutive days of net inflows. This is a positive sign for the market.

While BlackRock saw a good result with the latest inflows, BitMEX Research noted that it was a “slow day” for other ETF providers.

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