Rewrite: “Ethereum, the Blockchain Platform, Makes Headlines Again”
The approval of the Spot ETF on January 11 has resulted in Ethereum (ETH) outperforming Bitcoin (BTC) in terms of price. However, on-chain data suggests that the gap between the two cryptocurrencies could widen even further in the coming days.
ETH has consistently closed above the $2,500 mark in the last four trading days, indicating that the bulls are holding out for more gains instead of booking profits at this milestone level. This is further supported by the shift in ETH exchange reserves, which have decreased by 133,271 coins in the last seven days. This move from exchange wallets to long-term storage signals investor confidence and a willingness to hold onto ETH for potential future gains.
Additionally, the decrease in exchange supply has led to a decrease in active sell orders for ETH, while demand remains high. This indicates a dominant bullish sentiment for ETH in the market. With these two indicators in mind, it is likely that ETH will continue its upward trajectory towards $2,700 in the short term.
However, for this bullish forecast to be validated, the bulls must overcome the resistance level at $2,612. If they are successful, the next target for ETH could be the $2,700 area. On the downside, there is a significant buy wall at $2,400 that could provide initial support in case of a bearish turn.
Overall, the on-chain data suggests that ETH will continue to outperform BTC in the near future, with the potential for further price increases.
