Ethereum

2024

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<ul>
 <li><em>ETH’s buying pressure was stronger than its selling pressure.</em></li>
 <li><em>A technical analyst highlighted ETH’s strong upside potential.</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/ethereum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a> started 2024 on a smashing note, reaching $2,400 for the first time since May 2022.</p>
<p>The second-largest crypto made gains of 5.56% in the last 24 hours of trading, according to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, setting the stage for what many participants view as the inevitable super rally.</p>
<h4>The New Year’s Day rally</h4>
<p>According to AMBCrypto’s analysis of CryptoQuant’s data, Ethereum’s Taker Buy Sell Ratio stormed into the green territory as indicated below.</p>
<p>This indicated that buying pressure was stronger than selling pressure, and <span data-slate-fragment="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">more buyers were willing to buy coins at a higher price. Historically, this has been viewed as a bullish signal.</span></p>
<div id="attachment_361748" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361748" decoding="async" class="size-full wp-image-361748" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png" alt="" width="2560" height="1612" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-300x189.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-1024x645.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-768x484.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-1536x967.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-2048x1290.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-361748" class="wp-caption-text">Source: CryptoQuant</p>
</div>
<p>But the party may just be starting. Noted technical analyst <a href="https://x.com/ali_charts/status/1741814848982327779?s=20" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Ali Martinez</a> pinned hopes on Ethereum to make further gains. He stated,</p>
<blockquote>
 <p><span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3">“The path ahead of ETH </span><span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3">is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond. Additionally, a robust demand wall at $2,000 provides solid support, potentially cushioning any corrections.”</span></p>
</blockquote>
<p>AMBCrypto’s reading of Hyblock Capital’s data echoed this sentiment somewhat. The market sentiment was one of greed, implying that there was a likelihood of more accumulation, and hence, a price increase.</p>
<div id="attachment_361783" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-02_17-14-37.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361783" decoding="async" class="size-full wp-image-361783" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-02_17-14-37.png" alt="" width="1320" height="486" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-02_17-14-37.png 1320w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-02_17-14-37-300x110.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-02_17-14-37-1024x377.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-02_17-14-37-768x283.png 768w" sizes="(max-width: 1320px) 100vw, 1320px"></a>
 <p id="caption-attachment-361783" class="wp-caption-text">Source: Hyblock Capital</p>
</div>
<h4>Whales weren’t the drivers</h4>
<p>In a rather surprising observation, the latest rally was not carried by whale investors. The number of large transactions stayed muted on the first of January, AMBCrypto detected using Santiment’s data.</p>
<div id="attachment_361772" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-15.50.24-02-Jan-2024.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361772" decoding="async" class="size-full wp-image-361772" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-15.50.24-02-Jan-2024.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-15.50.24-02-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-15.50.24-02-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-15.50.24-02-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-15.50.24-02-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-15.50.24-02-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-15.50.24-02-Jan-2024-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-361772" class="wp-caption-text">Source: Santiment</p>
</div>
<p>Similarly, no noticeable spike was observed in the holdings of user cohorts having more than 1,000 ETH.</p>
<div id="attachment_361775" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-16.51.18-02-Jan-2024.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361775" decoding="async" class="size-full wp-image-361775" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-16.51.18-02-Jan-2024.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-16.51.18-02-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-16.51.18-02-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-16.51.18-02-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-16.51.18-02-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-16.51.18-02-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Ethereum-ETH-16.51.18-02-Jan-2024-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 <p id="caption-attachment-361775" class="wp-caption-text">Source: Santiment</p>
</div>
<p style="text-align: center;">Read <a href="https://ambcrypto.com/predictions/ethereum-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum’s [ETH] Price Prediction</a>&nbsp;2023-24</p>
<h4>Speculative bets on ETH jump</h4>
<p>As ETH rallied, the eyes of derivatives traders lit up. The Open Interest (OI) in ETH futures contracts surged to $8.16 billion, representing an increase of 7.41% in the last 24 hours, AMBCrypto observed using Coinglass’ data.</p>
<div id="attachment_361777" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-futures-Interest.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361777" decoding="async" class="size-full wp-image-361777" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-futures-Interest.jpg" alt="" width="1163" height="347" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-futures-Interest.jpg 1163w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-futures-Interest-300x90.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-futures-Interest-1024x306.jpg 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-futures-Interest-768x229.jpg 768w" sizes="(max-width: 1163px) 100vw, 1163px"></a>
 <p id="caption-attachment-361777" class="wp-caption-text">Source: Coinglass</p>
</div>
<p>Moreover, the number of individuals holding long positions exceeded those betting on price declines in the last 24 hours. The Long/Short Ratio went above 1 for the first time since the 27th of December.</p>
<div id="attachment_361779" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361779" decoding="async" class="size-full wp-image-361779" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH.jpg" alt="" width="1137" height="296" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH.jpg 1137w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-300x78.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-1024x267.jpg 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ETH-768x200.jpg 768w" sizes="(max-width: 1137px) 100vw, 1137px"></a>
 <p id="caption-attachment-361779" class="wp-caption-text">Source: Coinglass</p>
</div>

Ethereum starts 2024 on a strong note, rises to $2,400

AMBCrypto

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