Ethereum concluded January 2025 on a bearish note, even as investors hoped for a brighter start to the year. However, February might bring the much-awaited changes as ETH's price shows potential for a breakout from a wedge pattern.
Current Situation of ETH
ETH was priced at $3,286 at the time of writing, down significantly from its mid-December peak of over $4,000. This price decrease and wedge pattern formation may lead to increased volatility.
Spot and Derivatives Market Activity
Interest in Ethereum is brewing both in the spot and derivatives markets. Spot trading volume increased by 70.92% to $54.35 billion in the last 24 hours. Open interest rose by 1.73%, while spot inflows peaked at $80.35 million on Friday.
BlackRock Increases Its ETH Bag
BlackRock, one of the largest investment firms worldwide, acquired 24,529 ETH worth roughly $83.24 million. This is attributed to the current price level, which seemingly attracts large players.
Observations on ETH's price movement and market activity suggest the coming weeks could be decisive for Ethereum. While potential upside gathers positive attention, investors should heed potential risks.
