The price of Ethereum (ETH) continues to swing sideways as traders remain confused about whether or not it has hit the bottom of the cryptocurrency market. In the wake of the FTX scandal, analysts believe the market has already bottomed out and is ready for a trend reversal.

Can Ethereum (ETH) Break Resistance?

While Bitcoin’s price remains under pressure due to concerns over miner capitulation and bankruptcy filings, Ethereum is showing strength by gaining nearly 9% over the past week with a possibility of rising towards the $1,550 price zone.

With the US Bureau of Labor Statistics today releasing consumer price index (CPI) data for November of 7.1%, down from 7.7% in October, Ethereum broke through $1300 to hit $1325, where it is currently trading and encountering stiff resistance.

Read more: US CPI inflation falls to 7.1%, Bitcoin and Ethereum price skyrockets

While the price of Ethereum (ETH) is strong at these levels and can hold them, traders and potential buyers could push the price of the altcoin to the $1420 mark, up 7.5% from its current market price.

Moreover, popular crypto analyst Michaël van de Poppe predicts that Ethereum could even cross the USD 1420 mark and possibly reach USD 1550, if it can break through the resistance.

Data shows price rally

According to historical data, Ethereum has recorded consistent year-over-year (YoY) growth over the prior three Christmases, last reaching $4093 on December 25, 2021.

Read more: Analyst Predicts a Pullback Before Bitcoin Bull Run

Also when considering technical parameters, the Ethereum chart clearly shows that the ETH price is ready for a rally. The relative strength index (shown in purple) fell below 30 in early November and is now gradually moving back up.

In addition, ETH’s 30-day moving average (shown in red) has lagged its 200-day moving average (shown in blue) throughout the year, indicating that a move to more favorable price movement is long overdue.

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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