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Dear Ethereum [ETH] holders, February might be rough

@A01789
1 min read
01.02.2023
ETH
BTC
USDT
USDC

It is no longer news that Ether [ETH] had an impressive run in January. Within that 31-day period, the leading altcoin's price rallied by over 30%. The price jump also caused it to trade at levels last seen prior to FTX's unexpected implosion.


However, as profit-taking intensifies, the alt might be gearing up to shed some (if not all) of its gains in February. A look at ETH's Aroon Indicator on the daily chart revealed that bullish sentiment has weakened significantly in the past few weeks. The Aroon Up line was spotted at 21.43%.


Usually, when the Aroon Up line approaches zero, it suggests a weak uptrend and a distant recent high, indicating the possibility of a trend reversal.


Source: TradingView

Also, currently, there is a dearth of new demand to help drive up the alt's price.

Source: Santiment
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Ethereum ETH

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Tether [on Optimism] USDT

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$ 1.000258
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USD Coin [on BNB] USDC

$ 0.999807
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USD Coin [on Polygon] USDC

$ 0.999807
-0.0144%
in last 7d

USD Coin [on Optimism] USDC

$ 0.999807
-0.0144%
in last 7d

USD Coin [on Ethereum] USDC

$ 0.999807
-0.0144%
in last 7d

Tether [on Ethereum] USDT

$ 1.000258
-0.0037%
in last 7d

USD Coin [on Avalanche] USDC

$ 0.999807
-0.0144%
in last 7d

Tether [on BNB] USDT

$ 1.000258
-0.0037%
in last 7d

Tether [on Solana] USDT

$ 1.000258
-0.0037%
in last 7d

USD Coin [on Solana] USDC

$ 0.999807
-0.0144%
in last 7d
ETH
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USDT
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