• bitcoinBitcoin (BTC) $ 97,696.00
  • ethereumEthereum (ETH) $ 2,727.46
  • xrpXRP (XRP) $ 2.82
  • tetherTether (USDT) $ 1.00
  • solanaSolana (SOL) $ 198.63
  • bnbBNB (BNB) $ 661.66
  • usd-coinUSDC (USDC) $ 0.999942
  • dogecoinDogecoin (DOGE) $ 0.279608
  • cardanoCardano (ADA) $ 0.808595
  • staked-etherLido Staked Ether (STETH) $ 2,726.30
  • tronTRON (TRX) $ 0.232549
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 97,479.00
  • chainlinkChainlink (LINK) $ 19.45
  • stellarStellar (XLM) $ 0.362094
  • suiSui (SUI) $ 3.57
  • avalanche-2Avalanche (AVAX) $ 26.74
  • wrapped-stethWrapped stETH (WSTETH) $ 3,257.06
  • shiba-inuShiba Inu (SHIB) $ 0.000017
  • hedera-hashgraphHedera (HBAR) $ 0.237031
  • litecoinLitecoin (LTC) $ 129.75
  • the-open-networkToncoin (TON) $ 3.87
  • leo-tokenLEO Token (LEO) $ 9.81
  • hyperliquidHyperliquid (HYPE) $ 26.71
  • usdsUSDS (USDS) $ 1.00
  • wethWETH (WETH) $ 2,727.09
  • polkadotPolkadot (DOT) $ 5.19
  • mantra-daoMANTRA (OM) $ 7.54
  • bitcoin-cashBitcoin Cash (BCH) $ 344.55
  • bitget-tokenBitget Token (BGB) $ 5.36
  • uniswapUniswap (UNI) $ 10.11
  • ethena-usdeEthena USDe (USDE) $ 0.999987
  • wrapped-eethWrapped eETH (WEETH) $ 2,889.47
  • official-trumpOfficial Trump (TRUMP) $ 22.02
  • moneroMonero (XMR) $ 235.31
  • pepePepe (PEPE) $ 0.000010
  • nearNEAR Protocol (NEAR) $ 3.58
  • ondo-financeOndo (ONDO) $ 1.32
  • aaveAave (AAVE) $ 262.35
  • whitebitWhiteBIT Coin (WBT) $ 27.07
  • aptosAptos (APT) $ 6.13
  • mantleMantle (MNT) $ 1.04
  • daiDai (DAI) $ 1.00
  • internet-computerInternet Computer (ICP) $ 7.27
  • bittensorBittensor (TAO) $ 397.74
  • susdssUSDS (SUSDS) $ 1.04
  • ethereum-classicEthereum Classic (ETC) $ 21.42
  • okbOKB (OKB) $ 51.80
  • gatechain-tokenGate (GT) $ 23.59
  • vechainVeChain (VET) $ 0.035654
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.326154
  • kaspaKaspa (KAS) $ 0.108118
  • algorandAlgorand (ALGO) $ 0.300872
  • jupiter-exchange-solanaJupiter (JUP) $ 0.958507
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 97,608.00
  • crypto-com-chainCronos (CRO) $ 0.091504
  • render-tokenRender (RENDER) $ 4.82
  • tokenize-xchangeTokenize Xchange (TKX) $ 30.15
  • filecoinFilecoin (FIL) $ 3.55
  • cosmosCosmos Hub (ATOM) $ 5.02
  • arbitrumArbitrum (ARB) $ 0.495539
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.811186
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.999036
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 97,426.00
  • sonic-3Sonic (prev. FTM) (S) $ 0.560049
  • fasttokenFasttoken (FTN) $ 3.94
  • celestiaCelestia (TIA) $ 3.21
  • lido-daoLido DAO (LDO) $ 1.88
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,726.17
  • raydiumRaydium (RAY) $ 5.66
  • binance-staked-solBinance Staked SOL (BNSOL) $ 205.77
  • xdce-crowd-saleXDC Network (XDC) $ 0.100310
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,826.88
  • optimismOptimism (OP) $ 1.16
  • injective-protocolInjective (INJ) $ 15.76
  • ethenaEthena (ENA) $ 0.488135
  • kucoin-sharesKuCoin (KCS) $ 12.28
  • blockstackStacks (STX) $ 0.984636
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 97,363.00
  • bonkBonk (BONK) $ 0.000019
  • theta-tokenTheta Network (THETA) $ 1.43
  • immutable-xImmutable (IMX) $ 0.822454
  • movementMovement (MOVE) $ 0.585431
  • the-graphThe Graph (GRT) $ 0.144485
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,059.74
  • nexoNEXO (NEXO) $ 1.36
  • worldcoin-wldWorldcoin (WLD) $ 1.30
  • flare-networksFlare (FLR) $ 0.021910
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,880.80
  • usual-usdUsual USD (USD0) $ 0.997379
  • jasmycoinJasmyCoin (JASMY) $ 0.023464
  • sei-networkSei (SEI) $ 0.243772
  • galaGALA (GALA) $ 0.024709
  • dexeDeXe (DEXE) $ 17.88
  • eosEOS (EOS) $ 0.670157
  • the-sandboxThe Sandbox (SAND) $ 0.410225
  • solv-protocol-solvbtc-bbnSolv Protocol SolvBTC.BBN (SOLVBTC.BB) $ 94,432.00
  • msolMarinade Staked SOL (MSOL) $ 251.42
  • flokiFLOKI (FLOKI) $ 0.000101
  • tezosTezos (XTZ) $ 0.921130
  • jito-governance-tokenJito (JTO) $ 3.20
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.40
  • ethereum-name-serviceEthereum Name Service (ENS) $ 27.38
  • iotaIOTA (IOTA) $ 0.248059
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,826.28
  • bittorrentBitTorrent (BTT) $ 0.00000088
  • makerMaker (MKR) $ 1,010.39
  • flowFlow (FLOW) $ 0.531963
  • pyth-networkPyth Network (PYTH) $ 0.228168
  • wbnbWrapped BNB (WBNB) $ 661.17
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 215.71
  • neoNEO (NEO) $ 11.48
  • telcoinTelcoin (TEL) $ 0.010318
  • bitcoin-svBitcoin SV (BSV) $ 39.89
  • kaiaKaia (KAIA) $ 0.134321
  • roninRonin (RON) $ 1.27
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 97,406.00
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.52
  • spx6900SPX6900 (SPX) $ 0.802715
  • usddUSDD (USDD) $ 1.00
  • chain-2Onyxcoin (XCN) $ 0.022096
  • axie-infinityAxie Infinity (AXS) $ 4.55
  • dogwifcoindogwifhat (WIF) $ 0.719571
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.279254
  • tether-goldTether Gold (XAUT) $ 2,885.28
  • heliumHelium (HNT) $ 3.94
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.010846
  • curve-dao-tokenCurve DAO (CRV) $ 0.530444
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,880.99
  • aerodrome-financeAerodrome Finance (AERO) $ 0.853870
  • elrond-erd-2MultiversX (EGLD) $ 23.40
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,726.21
  • berachain-beraBerachain (BERA) $ 5.94
  • decentralandDecentraland (MANA) $ 0.340687
  • arweaveArweave (AR) $ 9.68
  • fraxFrax (FRAX) $ 0.996593
  • paypal-usdPayPal USD (PYUSD) $ 0.999853
  • usdx-money-usdxusdx.money USDX (USDX) $ 0.999486
  • starknetStarknet (STRK) $ 0.240628
  • pendlePendle (PENDLE) $ 3.75
  • dydx-chaindYdX (DYDX) $ 0.821631
  • pax-goldPAX Gold (PAXG) $ 2,908.67
  • conflux-tokenConflux (CFX) $ 0.120672
  • beam-2Beam (BEAM) $ 0.011196
  • matic-networkPolygon (MATIC) $ 0.326438
  • chilizChiliz (CHZ) $ 0.061281
  • resolv-usrResolv USR (USR) $ 1.00
  • pumpbtcpumpBTC (PUMPBTC) $ 95,081.00
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,727.05
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,724.02
  • coredaoorgCore (CORE) $ 0.554194
  • meowMEOW (MEOW) $ 0.006146
  • insurance-2INSURANCE (INSURANCE) $ 29.06
  • apecoinApeCoin (APE) $ 0.744829
  • ecasheCash (XEC) $ 0.000027
  • wormholeWormhole (W) $ 0.185657
  • aioz-networkAIOZ Network (AIOZ) $ 0.461395
  • zcashZcash (ZEC) $ 33.25
  • kavaKava (KAVA) $ 0.482882
  • beldexBeldex (BDX) $ 0.075054
  • ai16zai16z (AI16Z) $ 0.466654
  • compound-governance-tokenCompound (COMP) $ 57.84
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008979
  • true-usdTrueUSD (TUSD) $ 0.998189
  • newton-projectAB DAO (AB) $ 0.011093
  • amp-tokenAmp (AMP) $ 0.005840
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 97,938.00
  • morphoMorpho (MORPHO) $ 2.19
  • clbtcclBTC (CLBTC) $ 97,555.00
  • thorchainTHORChain (RUNE) $ 1.38
  • fartcoinFartcoin (FARTCOIN) $ 0.476273
  • akash-networkAkash Network (AKT) $ 1.92
  • based-brettBrett (BRETT) $ 0.046757
  • axelarAxelar (AXL) $ 0.500809
  • story-2Story (IP) $ 1.83
  • gnosisGnosis (GNO) $ 176.54
  • tbtctBTC (TBTC) $ 97,461.00
  • quantixaiQuantixAI (QAI) $ 85.67
  • mina-protocolMina Protocol (MINA) $ 0.364782
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000080
  • stakestone-berachain-vault-tokenStakeStone Berachain Vault Token (BERASTONE) $ 2,711.30
  • apenftAPENFT (NFT) $ 0.00000044
  • chex-tokenCHEX Token (CHEX) $ 0.433276
  • eigenlayerEigenlayer (EIGEN) $ 1.76
  • deepDeepBook (DEEP) $ 0.170002
  • olympusOlympus (OHM) $ 25.72
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999717
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.01
  • zksyncZKsync (ZK) $ 0.111672
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 2,972.99
  • super-oethSuper OETH (SUPEROETHB) $ 2,727.83
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • usdbUSDB (USDB) $ 1.00
  • hashnote-usycHashnote USYC (USYC) $ 1.08
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 2,727.39
  • grassGrass (GRASS) $ 1.61
  • verus-coinVerus (VRSC) $ 5.03
  • 1inch1inch (1INCH) $ 0.273005
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.08
  • echelon-primeEchelon Prime (PRIME) $ 6.86
  • snekSnek (SNEK) $ 0.005008

Ethereum price is trapped, but leverage ratio points to a rebound

0 4

Ethereum price is trapped, but leverage ratio points to a rebound

Ethereum price has remained in a tight range this month as its ecosystem faces substantial challenges and increasing competition.

Ethereum (ETH), the second-largest cryptocurrency, was trading at $3,310 on January 22, roughly 20% below its November highs. In comparison, Bitcoin (BTC), Solana (SOL), and Ripple (XRP) have recently retested their all-time highs.

Ethereum has also continued to lose market share in key areas. For instance, Jito has overtaken Ethereum in fee revenue this year, generating $157 million compared to Ethereum’s $112 million.

Ethereum’s decentralized exchange volume has also dropped significantly below that of Solana. Solana-based protocols like Raydium and Orca handled over $123 billion in volume over the past seven days, compared to Ethereum’s $26 billion. This surge was largely driven by the popularity of the Official Trump and Melania coins.

The price of Ethereum has also struggled due to ongoing token sales by the Ethereum Foundation and rising exchange balances. According to CoinGlass, these balances increased to 15.8 million ETH, up from 15.3 million on January 1.

You might also like: Ethereum price steady as balances in exchanges drop, open interest rises

Still, there are positive catalysts pointing to a potential Ethereum price rebound. Spot Ethereum ETFs have seen consistent inflows, reflecting some demand from Wall Street investors. Over the past five days, cumulative inflows rose to $2.74 billion.

Additionally, data shows Ethereum’s leverage ratio has been climbing in recent months, reaching 0.6 compared to 0.24 in September 2023. Interestingly, the leverage ratio and Ethereum’s price have diverged, which could indicate further gains ahead.

Ethereum price is trapped, but leverage ratio points to a rebound

ETH leverage ratio | Source: CryptoQuant

Another promising factor is that Ethereum’s futures open interest has remained elevated in recent weeks. On January 22, open interest stood at over $30.3 billion, a significant increase from December’s low of $20 billion.

Ethereum price technical analysis

Ethereum price is trapped, but leverage ratio points to a rebound

ETH price chart | Source: crypto.news

The daily chart reveals that Ethereum price encountered strong resistance at $4,000, which represents the upper boundary of a cup and handle pattern. The cryptocurrency is currently forming the handle section of this pattern.

The handle resembles a falling wedge, defined by two descending and converging trendlines. Falling wedge patterns are often bullish and indicate potential gains. Moreover, ETH has remained above the 200-day Exponential Moving Average.

As a result, Ethereum is likely to experience a strong bullish breakout, with the next target potentially at $4,000, marking a 21% increase from its current level.

You might also like: Official Trump price prediction: Is it a promising meme coin or short-lived hype?

Source

Leave A Reply

Your email address will not be published.