Dear Ethereum [ETH] holders, February might be rough
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.
![](https://production-sanbase-images.s3.amazonaws.com/uploads/b350c4cf92660c6323e3b9a404cbf7757869ffd599b0fb7be96dd4d7b4553787_1675242658654_Screenshot%202023-02-01%20at%2010.10.16.png)
Also, currently, there is a dearth of new demand to help drive up the alt's price.
![](https://production-sanbase-images.s3.amazonaws.com/uploads/886843015e9983317261cb0980f6ded29d4355410f1ccab0b65e962808e1f5a1_1675242737017_Ethereum%20%28ETH%29%20%5B10.12.00%2C%2001%20Feb%2C%202023%5D.png)
Thanks for reading!
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