Analyst Says ETH’s Potential Rally Rests on Bitcoin, Here’s Why
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- If ETH holds above $2,130, it may rally if the SEC approves the Bitcoin ETF.
- The resistance at $2,290 ensured that ETH’s price decreased to $2,226.
- Open Interest decreased but may drive ETH to the key resistance at $2,290.
Crypto Tony, an investor in the market, told his 386,800 followers on X that Ethereum’s (ETH) ability to hold $2,130 would help it continue its rally. However, Tony also mentioned that the rally would only resume if the U.S. SEC approves the Bitcoin (BTC) ETFs.
On January 2, the price of ETH jumped to $2,429, marking a 10% increase within 24 hours. But a day later, the price collapsed below $2,200. Coin Edition reported at that time how the FUD arose as a result of the speculation that the SEC would reject the Bitcoin ETFs.
However, recent events have shown that approval might be on the way. Also, market prices including that of ETH have stabilized.
The Altcoin’s Strength Has Waned
At press time, ETH, despite losing 1.84% of it…
The post Analyst Says ETH’s Potential Rally Rests on Bitcoin, Here’s Why appeared first on Coin Edition.
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