Ethereum Eyes Gains: Price History Signals Bullish Moves In February - Data Shows

Ethereum continues to underperform in the continued bull market cycle because the crypto asset records one other bearish month, raising concerns about its potential to go parabolic within the short term. Nonetheless, the month of February presents one other probability for ETH to grow on account of its notable performance within the month over time.

February Likely To Trigger Gains For Ethereum

Regardless of bullish expectations in January, Ethereum has failed to supply a significant price surge, with hopes now shifted toward February. While January has been underwhelming for ETH, February boasts of great returns.

Market expert and investor Daan Crypto Trades contends that ETH is poised for potential upward momentum as its historical monthly price trends hint at February being a bullish month for the crypto asset. past performances, February has recorded gains 7 times out of 8 within the history of ETH.

One interesting thing about this data is the typical returns per 30 days. The reoccurring patterns of notable gains throughout the month are supported by increasing adoption and improving market sentiment.

Data shows that January to May are the perfect months in ETH’s history. Meanwhile, summer seasons are pretty bad for Ethereum with Bitcoin stealing the highlight again because the altcoin underperforms during this era.

February performances within the last 8 years | Source: Daan Crypto Trades on X

Regardless that February has been positive for ETH prior to now, Daan Crypto Trades highlighted that traders shouldn’t base their decisions solely on historical returns. Nonetheless, seasonality is an important think about each cryptocurrencies and equities researched and thought of by many investors.

Because the upcoming months appear bullish, it is probably going that the asset will see a persistent uptrend. This manner, Ethereum may gather the essential momentum to succeed in a latest all-time high within the short term.

Meanwhile, the subsequent key levels to look at are the $4,000 and $4,100 price range because the altcoin gears up for a retest to those targets. Daan Crypto Trades noted that ETH’s upward momentum is testing the upper line of a large falling wedge pattern.

Thus he believes one other retest to those levels is probable once the altcoin breaks out of the pattern. At the value range, the analyst expects ETH to face a significant setback, urging investors to observe the trend closely.

ETH’s Undergoes A Strong Pullback

ETH has taken a significant hit as bearish pressure mounts across all the market, causing a drop near the $3,000 mark. Data from CoinMarketCap shows that the altcoin has fallen by nearly 9% within the last 24 hours.

This sudden pullback has triggered fear and uncertainty throughout the community. Nonetheless, investors proceed to exhibit confidence in ETH as they persistently accumulate the altcoin amid recent volatility.

Up to now day, its trading volume has increased by greater than 120%. Historically, heightened buying pressure has served as a precursor for an upswing. Should this strong investor sentiment hold, Ethereum might undergo a rebound shortly.