- The price of Ethereum has risen by almost 3% over the past seven days.
- Selling pressure on ETH remained high.
While the prices of most cryptos fell, Ethereum [ETH] disconnected from the market while going the other way. In fact, the king of altcoins surpassed Bitcoin [BTC] on a key front, which indicated a bull rally in the coming days.
Ethereum beats Bitcoin
CoinMarketCaps facts revealed that ETH bulls have stepped up their play over the past seven days as the token’s price rose. The token’s daily chart also remained green as it rose marginally.
At the time of writing, ETH was trading at $3,575.26 with a market cap of over $437 billion.
While that was happening, Ki Young Ju, a popular crypto analyst, recently posted tweet point to an interesting development.
According to the tweet, ETH’s MVRV ratio rose, indicating that the ETH market was heating up against on-chain fundamentals.
IETH even managed to outperform Bitcoin in terms of MVRV ratio growth rate. The tweet also mentioned that given the current ETF situation, this could be an ETH-only season.
It was also interesting to note that historically, when ETH rises, other alts tend to follow.
Is ETH ready for a bull rally?
Since the aforementioned data set suggested that there was a high probability of ETH showing a bullish performance, AMBCrypto planned to check the on-chain metrics.
According to our analysis of CryptoQuant’s factsETH’s net deposits on the exchanges were high compared to the average of the past seven days, meaning selling pressure was high.
Furthermore, the Coinbase premium was red, indicating that selling sentiment was dominant among US investors. Nevertheless, the Korean premium looked optimistic as it indicated that Korean investors were willing to buy ETH.
Source: CryptoQuant
A few of the technical indicators also seemed bullish on the king of altcoins. For example, the MACD showed the possibility of a bullish crossover.
The Relative Strength Index (RSI) registered an increase and rested at the neutral point at the time of writing.
Moreover, the Chaikin Money Flow (CMF) also moved north, indicating a price increase in the coming days.
Source: TradingView
AMBCrypto then checked Hyblock Capital’s data to look for potential targets for this week if ETH remains bullish.
Read Ethereums [ETH] Price prediction 2024-2025
We found that ETH could initially reach $3,660 as liquidation would rise sharply at that level. An increase in the number of liquidations often results in short-term price corrections.
A successful breakout above that level could see ETH reach $3.8k. However, if the bears are taken over, investors could witness a drop in ETH to $3.28k this week.
Source: Hyblock Capital