A positive change in Ethereum price metrics suggests the current bullish momentum could have legs.
Ether (ETH) price has failed to close above $2,350 for the last 15 days, but some traders are still hopeful that the Feb. 6 rally could bring a more resounding change in the trend.
Traders are watching to see if Solana’s network outage and last week’s substantial Ether outflow from exchanges have an impact on price. Traders are also questioning if Ether can rally another 10% to reclaim the $2,650 level last observed on Jan. 12.
On Feb. 6, the Solana network experienced a 5-hour outage, disrupting block production and prompting multiple exchanges to suspend user deposits and withdrawals of SOL and Solana-based tokens. Analysts highlighted the consistent challenges faced by Ethereum competitors in maintaining uptime during peak demand, reinforcing Ethereum's dominance in decentralized applications (DApps).
