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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Records 9% Rise, Why Traders Bet On More Profits

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Ethereum price

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The Ethereum price has been trending to the upside over the past week as the general sentiment in the market improves. The second crypto by market capitalization could extend its gains if macroeconomic conditions continue to support the rally. 

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As of this writing, the Ethereum price trades at $1,333 with sideways movement in the last 24 hours. Over the previous week, the cryptocurrency records a 10% profit and stands as one of the best performers in the top 10 by market cap. 

Ethereum Price ETH ETHUSDT
ETH’s price moving to the upside on the 4-hour chart. Source: ETHUSDT Tradingview

Ethereum Price Follows Market Sentiment

According to a report from analysis firm Blofin, the market sentiment has improved based on widespread reports about an economic recession. These expectations of worse financial data could force the U.S. Federal Reserve (Fed) to loosen its monetary policy. 

The financial institution has been hiking interest rates to put a hold on the highest inflation recorded in decades. As a result, the global market is suffering. If conditions decay too much, the market believes the Fed will backtrack, allowing Ethereum and other risk assets to rally. 

Today, the Fed will provide further light on its next steps; if it slows down, the Ethereum price will likely continue on its bullish trajectory. The positive expectations are spilling to other crypto financial sectors. 

According to Blofin, there have been positive developments in the futures and options sectors. The firm noted the shift in sentiment for Q1, 2023, compared to Q4, 2022:

A rebound of expectation is also underway. In the futures market, the positive basis term structure has been maintained for some time. Although the futures’ basis is still around the parity level, Investors’ implicit expectations are not pessimistic as they were in 2022q4.

Ethereum price ETH ETHUSD Chart 2
Source: Blofin

Crypto Market To See More Volatility

A decline in the U.S. dollar supports the bullish continuation of the Ethereum price. As measured by the DXY Index (DXY), the currency is re-testing critical support allowing ETH and other risk-on assets to appreciate. 

However, the decline in the DXY hints at a spike in the crypto market’s Volatility. According to Blofin:

It is worth noting that the implied Volatility of front-month BTC options has increased somewhat. As the Dec CPI data is about to be released, the game between investors in the spot and derivatives markets may further increase the implied Volatility.

Implied Volatility measures future price movement for an asset. The analytic firm believes that the short-term metrics point to the upside, but the mid to long-term still shows “a relatively bearish attitude.” 

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Why The VIX Could Predict A 20% Bitcoin And Crypto Rally

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Options traders are accumulating calls (long positions) for BTC with an expiration date set for January 27. The strike price for these contracts stands at $18,000 and $19,000. In other words, crypto traders are betting on BTC (and therefore the Ethereum price) to be much higher than today’s levels by the end of the month. 

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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