Ethereum Stuck Below $3,300—Will it Achieve $5000 in February as Bearish Clouds Hover Over ETH Price Rally
In an era when Bitcoin, XRP, Solana, and others are showing tremendous strength, Ethereum remains stuck in a tight range. This has raised concerns about the cryptocurrency’s next price direction, which remains uncertain. Meanwhile, technicals continue to be bullish on ETH price, believing it will rise to $5,000 or $8,000 in the next bull run. Currently, prices appear to be at the bottom of the explosive hill, with a breakout inevitable.
Bitcoin has seen significant volatility in recent times, and unlike previous trends, Ethereum has recently experienced a decoupling. this Ethereum price Keep an eye on BTC price gains, but their correlation has dropped significantly since early 2024. While Bitcoin flashed a huge bullish wave, Ethereum showed the potential for a massive pullback.
Trump launched a new meme coin on Solana, attracting a lot of liquidity across the market. In addition, Solana DEX trading volume exceeded the peak of US$10 billion for the first time, accounting for more than half of the entire DEX trading volume. Additionally, DEX trading volume on Ethereum has dropped significantly to below $3 billion from an interim high of nearly $6 billion. This also sparked speculation that some traders were selling ETH for SOL to purchase TRUMP.
Nonetheless, the ETH price rally remains in bullish mode, hinting that a rebound may come soon. Meanwhile, technicals have flashed bearish signals, which could put ETH price in trouble.
The daily chart for ETH shows that the price is facing significant pressure from both sides this week, so the weekly close may determine the next move. Meanwhile, DMI levels have reached a critical point with -Di on the verge of surpassing +Di, validating a bearish reversal. On the other hand, MACD is closer to a bearish crossover as weekly buying volumes fade. Therefore, the price of ETH plummeted below $3,000 this weekend, which changed a lot. However, the support area between $2,918 and $2,823 could provide a solid base to trigger a rebound.
Therefore, the Ethereum (ETH) price rally continues to remain bullish as the $5,000 target remains active and trading remains within the decisive symmetrical triangle.
