As Bitcoin Cools Down, The ETH Price Might Replicate Its $2.7K January Peak

As Bitcoin's price action remains within a consolidation range, Ethereum is drawing attention away from Bitcoin traders. Bitcoin made a move towards liquidity at $43,500 following the Wall Street opening on February 6, but all eyes were on Ether. 

Source: wall.alphacoders.com

Data from TradingView observed repetitive Bitcoin price movements confined within a narrow intraday range. Despite reaching new highs of $43,515 in the previous day, the leading cryptocurrency retraced all gains, attempting to recover after the daily close. However, BTC/USD remained indecisive, prompting traders to shift their focus to the more dynamic activity surrounding the top altcoin, Ether. Michaël van de Poppe, founder and CEO of MN Trading, noted on X (formerly Twitter) that Bitcoin was stuck between levels, suggesting a consolidation phase, while predicting that Ethereum could outperform, especially if upcoming upgrades prove successful.

Altcoin market cap.by Rekt Capital/X

Trader and analyst Rekt Capital also weighed in, proposing that ETH/USD might mimic the recent spike to 18-month highs. Discussing altcoins in general, Rekt Capital highlighted ongoing consolidation within a narrowing wedge pattern, signaling potential bullish momentum. In the realm of United States spot Bitcoin exchange-traded funds (ETFs), positive developments continued to emerge, with encouraging signals indicating a potential breakout that could ignite the Q1 Altcoin Hype Cycle. Meanwhile, outflows from the Grayscale Bitcoin Trust (GBTC) remained lower than the previous week, while net inflows into ETFs continued for the seventh consecutive day, according to data shared by popular trader Daan Crypto Trades on X.

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