Ethereum (ETH) is gearing up to make a significant impact in the institutional finance sector with its new initiative, Etheralize. Positioned as the marketing and product development arm of the Ethereum ecosystem, Etheralize aims to solidify Ethereum’s position on Wall Street. The involvement of the Ethereum Foundation and Vitalik Buterin in this venture has raised hopes that Ethereum can emerge as a leader in global finance. In addition, the recent surge in spot Ethereum ETFs in the U.S. has generated increased price activity for ETH.
Strong interest in spot Ethereum ETFs
On January 22, spot Ethereum ETFs witnessed inflows of over $70 million on their last trading day. This influx, coupled with six consecutive days of gains, signifies a growing interest in ETH among investors. However, current market data suggests that the price of ETH may undergo a downturn and potentially be drawn towards the demand zone around $3,000. Investors are eagerly anticipating whether the price can surpass $4,200 after this pullback, which could spark a significant altcoin season.
Ethereum Price Analysis Comments – January 23
The monthly price movement of Ethereum indicates that both bulls and bears exert significant influence. Daily data suggests the possibility of a new upward trend, but declining trading volume may hinder the sustainability of this rally. If market volume fails to support the trend, ETH may continue to consolidate below $3,400.
Bulls must regain strength for new highs
The Relative Strength Index (RSI) on Ethereum’s monthly chart has never dropped below the 40 level in history, providing strong support during current declines. However, it is crucial for bulls to push ETH’s price above the critical resistance level of $3,500. The ongoing downward trend in trading volume complicates the likelihood of this recovery.
With the potential for ETH to surpass the $4,000 mark in the first quarter of 2025, a stable price increase may become feasible. Nevertheless, it is essential to bolster bullish strength and diminish bearish influence for this upward trajectory.
