Ethereum price rose for the third successive day on Friday, mirroring the broader market trend and picking cues from market bellwether, Bitcoin. ETH was up by 2.6% and traded at $2,812 at the time of writing, recording the first successive three-day rally since the end of January. The coin’s 24-hour trading volume was up by 23%, signaling the likely continuation of the upside.
Ethereum Price Shows Stronger Momentum Than BTC
Market leader, Bitcoin, set the tone for the rest of the crypto assets as it went above the $99k mark for the first time in two weeks. Ethereum has outperformed Bitcoin in the spot ETF market, recording net positive inflows in three of the last five trading sessions. In contracst, spot BTC ETFs have returned net negative outflows in four out of the last five sessions.
Elsewhere, Ethereum chain’s DeFi activity picked up in the last week, with the Total Value Locked (TVL) growing by 2.37% during that period. Furthermore, the chain saw the TVL grow by 1.49% to $59.68 billion in the last 24 hours. That signifies increased utility for ETH, and a continuation of that trend will support gains by Ethereum price in the coming days.
In addition, Ethereum recorded a 4.18% growth in the value of Open Interest in the 24 hours preceeding this writing to stand at $13.1 billion. That, too, adds credence to the likely continuation of the uptrend by ETH price.
ETH Price Forecast
ETH price is likely to stay above the $2,780 pivot mark, with the firt barrier comming at $2,850. Breaking above that level with strengthen the upside momentum and potentially test the second resistance at $2,900.
On the other hand, the momentum coild shift to the downside if the price breaks below $2,780. If that happens, Ethereum price will likely slide towards the first support at $2,735. A stronger momentum will break below that level and invalidate the upside narrative. In addition, the momentum could clear the path to test the second support at $2,690.
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