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Ethereum Price Prediction: The second largest cryptocurrency Ethereum(ETH) has been notably bullish this week likely attributed to the recent launch of the first spot Bitcoin ETF in the U.S market. Surprisingly, the ETH price surpassed the Bitcoin performance amid the ETF approval recording a 17.7% weekly growth. Amid this upswing, the coin buyers breached above the $2430 swing high, indicating the potential for a higher recovery.

Over the past three months, the Ethereum price has exhibited a consistent upward trajectory, evidenced by an ascending trendline. Starting from a low of $1522, the price of the coin has experienced a remarkable surge of 77%, reaching a new high of $2717.

The periodic pullbacks within this rally suggest active buyer accumulation at lower price points, a crucial characteristic of a prolonged rally. Throughout December, the ETH price movement was predominantly lateral, as the market anticipated the approval of the spot Bitcoin ETF.

As the US SEC approved BTC ETF trading on Wednesday, the ETH price jumped 10.21% to breach the overhead resistance of $2140 indicating the asset is poised for higher growth.

Moreover, Larry Fink, the Chief Executive Officer of BlackRock, expressed support for the idea of introducing an Ethereum-based exchange-traded fund (ETF). This statement came shortly after the launch of the highly anticipated Bitcoin ETF. In a recent discussion on CNBC, Fink said, I see value in having an Ethereum ETF,. Later he also added, These are just stepping stones towards tokenization and I really do believe this is where were going to be going.

Following the approval of the spot Bitcoin ETF, the prospects for a Spot Ethereum ETF have significantly increased, potentially setting the stage for substantial growth in Ethereums value.

By the press time, Ethereum (ETH) is trading at $2,565, experiencing a slight retracement to retest the previously surpassed resistance level of $2,400. Should the price sustainably remain above this newly established support, theres potential for the ongoing recovery to extend towards targets of $2,700, followed by $3,000, and $3,281.

Conversely, in the event of a fresh correction in the ETH price, investors should pay close attention to the ascending trendline. This could present an opportunity for a strategic pullback, offering a potential entry point for those looking to capitalize on such market movements

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Ethereum Price Prediction: Key Levels to Focus if $ETH Enters New Correction - CoinGape

The Ethereum price might be doing well post-spot Bitcoin ETF launch, but recent moves by Celsius threaten to destabilize the price movement. The now-bankrupt crypto lender seems to have begun its reimbursement plan to its creditors, as on-chain data reveal the movement of its ETH holdings to crypto exchanges.

According to crypto market intelligence company Arkham Intelligence, Celsius Network carried out transfers worth over $125 million worth of ETH last week to various crypto exchanges.

Data shows that between January 8 and January 12, Celsius executed transfers worth $95.5 million to crypto exchange Coinbase while also sending $29.73 million to FalconX. At the time of writing, Celsius Networks balance sheet has 584,601 ETH worth $1.47 billion. Notably, it also has 9,799 BTC worth $418.2 million and 659 million CEL tokens worth $133.2 million on its books, among other cryptocurrencies.

Celsiuss motive behind the transfers into exchange points to nothing apart from an intending selloff, as the company is well on its way to clearing its liabilities under bankruptcy proceedings.

Celsius filed for bankruptcy in July 2022 shortly after the fall of TerraUSD and the LUNA ecosystem, leading to creditors having their funds trapped on the platform for the last 18 months. However, the defunct crypto lender has been making major moves in its bankruptcy proceedings to refund creditors. According to reports, the company sold $240 million worth of ETH in December 2023.

Notably, the company communicated its decision earlier this month on January 5 to unstake $465 million worth of Ethereum (ETH) which will be distributed to its creditors.

Ethereum is currently on a roll, still on a 13% gain in the past seven days. However, huge selloffs like this tend to shake market confidence, leading to a sell-off from other investors. On the other hand, some tend to believe that the crypto is sufficiently resilient.

Its important to note that Ethereum retained its bullish sentiment during the time these transfers were made, as price action revealed a 23% jump from $2,191 on January 8 to $2,706 on January 12. Ethereum has declined since then and is now trading at $2,514. According to Coinglass, $23.84 million worth of ETH positions were liquidated in the past 24 hours.

Despite the recent large transfers, Celsius still retains significant cryptocurrency assets including ETH, BTC, MATIC, and LINK. A decision to continue the selling off of these assets could lead to a bigger dent in the price of the assets, particularly Ethereum, which is now testing the $2,500 support level.

On-chain data from Spotonchain also reported FTX and Alameda Research moving 1,000 ETH worth $2.33 million to crypto exchange Coinbase during the week.

Featured image from The Daily Hodl, chart from Tradingview.com

Read more here:

Ethereum Bloodbath Incoming? Celsius $125 Million Move Threatens ETH Price - NewsBTC

The cryptocurrency space has become a rather intriguing one to follow, particularly over the past week. For investors looking at the impressive moves made by Ethereum (ETH 2.70%), Ethereum Classic (ETC 3.29%) and Lido Staked Ether (CRYPTO:STETH), one might surmise that everything is sunshine and rainbows. After all, as of 3:30 p.m. ET, these three cryptos surged 16.3%, 47.3%, and 16.7%, respectively, over the past week.

However, it's also the case that Bitcoin (BTC 1.06%) is actually trading exactly flat this week over the same time frame. After surging more than 10% to a multiyear high of more than $48,500 this week, Bitcoin has since given up all its weekly gains, trading back to the $43,800 level at the time of writing.

This move follows the highly anticipated approval of spot Bitcoin ETFs, which has completely changed the investing landscape in the crypto sector, probably for good. Interestingly, Ethereum and its related tokens are seeing impressive surges, suggesting these cryptos may have ultimately been the better way to play this event.

Let's dive into why.

It's usually a good rule of thumb to wait a few days to assess how the enthusiasm around a specific catalyst for any asset plays out. In this case, it appears most of the buying activity for Bitcoin took place prior to, and around, its ETF approvals. Since then, a "sell the news" narrative has grown, suggesting perhaps the hype around these approvals may have already been priced into Bitcoin heading into this key catalyst.

However, the approval of 11 spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) has sent ripple waves through the market. For Ethereum, the world's second-largest cryptocurrency (and one that regulators have also shown a favorable stance toward in the past), the potential for spot Ethereum ETF approvals has shot higher following this news. Investors hoping for a similar rally heading into future spot Ethereum ETF approvals may be simply looking to get ahead of this trade.

For Ethereum Classic (the proof-of-work fork of Ethereum) and Lido Staked Ether (staked Ethereum on Lido's liquid-staking network that can be redeemed 1 to 1 with Ethereum), a rising tide tends to lift all boats. What's good for Ethereum is generally good for these tokens and will continue to drive outsized interest in these higher-volatility Ethereum alternatives.

If you asked me heading into this week whether Bitcoin or Ethereum and its related tokens would have a better week, I probably would have said Bitcoin. Most of the momentum in this sector was firmly behind the gold standard in this space, and a surge in capital (which could be as much as $100 billion) into Bitcoin should, in theory, lead to massive support for the world's largest cryptocurrency. These fundamentals remain in play. However, it's becoming clearer that much of the anticipation around these approvals had been priced in prior to the announcement.

Given how fast the crypto world moves, Bitcoin ETF approvals are now old news. Investors appear to be clearly focused on the next token with the biggest potential catalyst out there, and that's Ethereum right now.

Read more:

Why Ethereum, Ethereum Classic, and Lido Staked Ether All Popped This Week - The Motley Fool