Over the course of the past three weeks, the price of Ethereum (ETH) has surged. Despite the fact that there are some bearish indications appearing at the levels of lower time frames, bulls continued to prevail. However, according to recent analysis by experts, the price seems to point to a trend exhaustion that could be underway.
Ethereum (ETH) price increase
Ethereum price is up 38% since early 2023 and it is currently trading in the USD 1,650 range. Due to this huge increase, new all-time highs were set on January 13 and 20. And despite the fact that there is a clear theoretical forecast that the Ethereum price will turn, there is a possibility that a liquidity shortage will arise. walking, which could result in reaching a third higher high.
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This is echoed by industry exhibitors such as Michael van de Poppe, a prominent crypto analyst, who is a member of the opinion that ETH can continue to rise to $1,700-1,730 before facing any kind of rejection. Previously, when the ETH price had fallen, Micheal noted that those declines were the “best options before the relief rally.”
In this scenario, bulls have the opportunity to make a comeback if they can drive the momentum signal to create a higher high at the same time. In the event that buyers are unable to pull this off, investors should expect a moderate trend reversal. Bears need to push prices below $1,568 – a level that serves as support for higher time frames – to generate momentum against buyers. If the $1,568 support level is breached and converted into a resistance level, it will pave the way for sellers to push the price of Ethereum down to the $1,417, $1,331, and $1,227 support levels.
ETH to Cross $2K?
On the other hand, few experts believe that the uptrend for Ethereum is far from over. ETH bulls must initiate a rebound to force the Relative Strength Index (RSI) to create a new high in overbought territory in their quest to accumulate liquidity above $1,650. According to experts, the $1,820 barrier could become a support floor for Ethereum prices if it is overcome. At the same time, if the RSI supports this upward climb, the bearish argument will be refuted and a similar development would cause ETH to retest the $2,000 psychological threshold as well.
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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