ETH price may repeat $2.7K January spike as Bitcoin cools — analysis

Ether is technically preparing a repeat of January's ETH price spike, analysis says as Bitcoin offers little of interest.
Ether is technically preparing a repeat of January's ETH price spike, analysis says as Bitcoin offers little of interest.

Bitcoin (BTC) returned to attack liquidity at $43,500 after the Feb. 6 Wall Street open as attention focused on Ether (ETH).

BTC/USD 1-hour chart. Source: TradingView

Anticipation rises over ETH price move

Data from Cointelegraph Markets Pro and TradingView tracked repeat BTC price action within a narrow intraday range.

The largest cryptocurrency saw new February highs of $43,515 on Bitstamp the day prior before giving back all its gains, only to attempt a reclaim after the daily close.

Overall, however, BTC/USD lacked direction, and traders turned to more interesting activity for largest altcoin Ether.

“Bitcoin remains in between levels,” Michaël van de Poppe, founder and CEO of MN Trading, wrote in a post on X (formerly Twitter).

“This means that there's still a period of consolidation, from which I think that Ethereum is going to start outperforming, especially if the upgrades are going to be a success. Pre-halving perhaps $48K.”
BTC/USD annotated chart. Source: Michaël van de Poppe/X

Popular trader and analyst Rekt Capital suggested that ETH/USD might even copy the move that saw it spike to 18-month highs last month.

Discussing altcoins in general over the weekend, Rekt Capital concluded that broad consolidation within a narrowing wedge construction was still in progress, but that bulls could take charge.

“A breakout from here would likely kickstart the Q1 Altcoin Hype Cycle,” part of X comments stated about the aggregate altcoin market cap.

Altcoin market cap annotated chart. Source: Rekt Capital/X

Bitcoin ETFs record 7th day of net inflows

The latest developments among the United States spot Bitcoin exchange-traded funds (ETFs) meanwhile continued to offer encouraging signals.

Related: 3 Bitcoin price forecasts calling new all-time highs and more in 2024

Outflows from the Grayscale Bitcoin Trust (GBTC) were once again lower than the previous week at around 2,600 BTC ($114 million), per data from crypto intelligence firm Arkham.

“Yesterday's ETF net flows saw another +$68M increase. That makes 7 consecutive positive days of net inflows,” popular trader Daan Crypto Trades noted while uploading the figures to X.

BitMEX Research, the analysis arm of crypto exchange BitMEX, called the latest inflows tally a good result for leader BlackRock but a “slow day” for other ETF providers.

Bitcoin ETF flows. Source: BitMEX Research/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.