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The approval of the Spot ETF on Jan. 11 has resulted in Ethereum (ETH) price outperforming Bitcoin (BTC), and on-chain data suggests that the gap between the two could widen further in the coming days.
ETH price has consistently closed above the $2,500 mark in the last four trading days, indicating that the bulls are holding out for more gains rather than booking profits at this milestone.
Furthermore, there has been a significant shift in ETH exchange reserves, with investors moving 133,271 ETH coins from exchange wallets into long-term storage in the past week. This decrease in exchange reserves is typically a bullish sign for short-term price action, as it suggests that investors have confidence in the asset and intend to hold onto it for further gains.
Additionally, the total number of active ETH sell orders has dropped below market demand, indicating a dominant bullish sentiment for Ethereum. Currently, there are active purchase orders for 357,490 ETH across multiple exchanges, while sell orders only amount to 250,750 ETH.
These two on-chain indicators suggest that Ethereum’s lead over BTC could widen in the coming days, with a potential price rally towards $2,700 in the short-term. However, to validate this forecast, the bulls must overcome the $2,612 resistance level.
In case of a bearish turn, there is a significant buy wall at $2,400 that can provide initial support for Ethereum price.
Overall, the data points to a positive outlook for Ethereum, with the potential for further price gains and a widening lead over Bitcoin.
