With altcoins leading the crypto market rally in 2023, Bitcoin price moves in a limited range and low volatility. The largest altcoin Ethereum also records a significant upside momentum in the last 24 hours. Crypto analyst Michael van de Poppe believes ETH price has turned bullish and even made his first trade of the year on Ethereum.
Ethereum Price Picks Bullish Momentum
Popular crypto analyst Michael van de Poppe in a tweet on January 4 revealed starting his first trade of the year. He traded ETH worth over $8K today and plans to fully focus on trading in 2023.
Michael van de Poppe cited an earlier tweet in which he shared the critical level of $1,207 where Ethereum needs to bounce. Failing to bounce from the level could have a severe impact on the ETH price. Fortunately, Ethereum price bounced from the same level he suggested and now trades significantly higher.
Moreover, he is bullish on the Ethereum price. He even suggested investors to go long on Ethereum near $1,170 as it is the crucial support level for Ethereum. Other crypto analysts also shared the same level for longs.
Meanwhile, 15.87 million ETH has been staked, accounting for 13.2% of all circulating ETH. Lido Finance is still the dominant LSD provider, commanding 80% of the market. The LDO price currently trades at $1.38, up 11% in the last 24 hours.
ETH Price Rally 3% in a Day
In the last 24 hours, Ethereum price rallied almost 3%. The ETH price is currently trading at $1,249, with support from a 70% increase in trading volume in the last 24 hours.
The 24-hour low and high for Ethereum are $1,207 and $1,253, respectively. The ETH price is up 5% in a week.
Crypto analyst CredibleCrypto shared that some are getting very bullish on ETH because of the short-term strength. However, he believes it is just temporary and it’s normal for ETH to bounce harder during market relief just to fall harder after the rally.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.