Ethereum (ETH) Price News: Although the crypto market saw a welcome rebound on Monday, the technical metrics are not adding up on many fronts. This can be seen as a return of investments in altcoins after many traders preferred to accumulate Bitcoin (BTC) following the FTX collapse in November 2022. The meltdown led to a crypto crash that swept away the gains obtained over several months. However, in ETH’s case, technical parameters point to potential upside in terms of price in the coming weeks.
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ETH Price Action For Profit Taking
There was heavy flow of assets to low risk cryptocurrencies in the wake of the FTX scenario. In this context, many traders preferred to hold stablecoins while many others invested in Bitcoin. After the downward price action related to the FTX related liquidity crisis died down, altcoins started seeing price rise. Meanwhile, ETH price also saw a weekly gain of 8.64%. In line with the overall crypto market rebound activity, the ETH price is on the rise. As of writing, ETH price stands at $1,320, up 4.61% in the last 24 hours, according to CoinGape live price tracker.
To add to this, technical indicators also indicate that there could be further price rise in the coming weeks. In the recent times, ETH’s exchange inflow has been on a huge rise, in what could be a sign of hitting the bottom. Also, the number of tokens transferred is very low currently, according to Crypto Quant data. This means there is no sign of price reaching its local top.
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At the current price range, ETH appears to be going through the phase of capitulation. However, considering the strange movements seen in the current market cycle, it remains to be seen if ETH is yet to drop further.