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    Ethereum Is Expected To Make A Strong Bullish Move In February, Says Analyst

    Image Source: Wirestock Creators / Shutterstock

    Ethereum continues to lag behind in the current bull market cycle, having recorded yet another disappointing month, which raises concerns regarding its capacity for a significant surge in the near future. Nevertheless, February offers another opportunity for ETH to advance, given its historically positive performance during this month.

    February Poised to Drive Gains for Ethereum

    Despite optimistic forecasts for January, Ethereum has not managed to achieve a substantial price increase, leading to renewed hopes for improvement in February. Although January was lackluster for ETH, the upcoming month is known for delivering substantial returns.

    Market analyst and investor Daan Crypto Trades asserts that ETH could be on the verge of upward movement, as past monthly price trends suggest that February tends to be a bullish period for the cryptocurrency. Historically, February has seen gains in 7 of the past 8 years for ETH.

    An intriguing aspect of this data is the average returns observed each month. The recurring patterns of significant gains during February are further supported by increasing usage and improving market sentiment.

    Data indicates that from January to May tends to be the most favorable time for ETH, while summer months are generally disappointing for Ethereum, during which Bitcoin often takes center stage as the altcoin struggles to perform.

    Even though February has shown positive trends for ETH historically, Daan Crypto Trades cautioned against relying solely on past returns for trading decisions. Nonetheless, seasonality is a significant consideration for investors in both cryptocurrencies and stocks.

    Given the optimistic outlook for the upcoming months, the asset is likely to experience a consistent uptrend. This could enable Ethereum to gather the necessary momentum to achieve a new all-time high shortly.

    Currently, key price levels to monitor include the $4,000 and $4,100 range as the altcoin prepares for a possible retest of these targets. Daan Crypto Trades noted that ETH’s upward momentum is putting pressure on the upper boundary of a substantial falling wedge pattern. 

    Consequently, he believes another retest of these levels is likely once the altcoin breaks free of the pattern. At this pricing zone, the analyst anticipates ETH could encounter a significant pullback, advising investors to keep a close watch on market trends.

    ETH Experiences Significant Pullback

    Ethereum has faced a considerable decline as bearish sentiment grows across the market, bringing its price near the $3,000 threshold. According to data from CoinMarketCap, the altcoin has decreased by nearly 9% in the past 24 hours.

    This abrupt pullback has sparked fear and uncertainty within the community. However, investors continue to express confidence in ETH, actively accumulating the altcoin amid the recent fluctuations. 

    In the last day, trading volume for ETH surged by over 120%. Historically, increased buying pressure has typically foreshadowed an upward trend. If this investor sentiment remains strong, Ethereum could potentially rebound soon.

    Image Source: Wirestock Creators / Shutterstock

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