ethereum It continues to weaken in the ongoing bull market cycle as the crypto asset logs another month, raising concerns about its ability to fare in the short term. However, February presents another opportunity for ETH to grow due to its remarkable performance in the month over time.
February will likely bring gains for Ethereum
in spite of Bullish outlook in JanuaryEthereum has failed to produce a significant price increase, with hopes now shifting to February. While January was disappointing, February boasts great returns.
Market expert and investor Dan Crypto Trading Allegedly This ETH is poised for potential bullish momentum as February’s historical price trends hint at it being a bullish month for the crypto asset. Looking at past performances, February has recorded gains 7 times out of 8 in ETH history.
One interesting thing about this data is the average returns per month. Repeated patterns of notable gains during the month are supported by increasing adoption and improving market sentiment.
Data shows that January to May are the best months in ETH’s history. Meanwhile, the summer seasons are very bad for Ethereum Bitcoin Stealing the spotlight again as altcoins collide during this period.
Although February has been positive for ETH in the past, Daan Crypto Trades highlighted that traders should not base their decisions solely on historical returns. However, seasonality is a critical factor in both cryptocurrencies and stocks that has been researched and considered by many investors.
Since the coming months look optimistic, it is likely that the asset will see a continuing trend. In this way, Ethereum may gather the momentum needed to reach it New high in the short term.
Meanwhile, the next key levels to watch are the $4,000 and $4,100 price range as AltCoin prepares to retest these targets. Dan crypto trading male This upward momentum has it testing the upper line of a massive wedge pattern.
Thus it is believed that another retest of these levels is possible once the altcoin Goes out of style. In the price range, the analyst expects ETH to face a major setback, urging investors to closely monitor the trend.
ETH is undergoing a strong pullback
ETH has taken a hit as bearish pressure is mounting across the entire market, causing a decline near the $3,000 mark. Data from CoinmarketCap shows that altcoin It’s down about 9% in the last 24 hours.
This sudden withdrawal sparked fear and uncertainty within the community. However, investors continue to demonstrate confidence in ETH as they continually accumulate Altcoin amid the recent volatility.
In the past day, trading volume has increased by more than 120%. Historically, high Buy pressure It was a prelude to the rise. If this strong investor sentiment, Ethereum could undergo a rebound soon.
Featured image from Adobe Stock, Chart from TradingView.com