Over the course of the past three weeks, the price of Ethereum (ETH) has seen a meteoric rise. Despite the fact that are a few bearish indications that appear along the levels of lower timeframes, bulls have still continued to prevail. However, as per recent analysis by experts, the price seems to indicate a trend exhaustion that could be underway.
Ethereum (ETH) Price Surge
The price of Ethereum has increased by 38% since the beginning of 2023 and is presently trading in the $1,650 range. Because of this enormous rise, new all-time highs were established on January 13 and 20. And, in spite of the fact that there is a clear theoretical prognosis for the Ethereum price to reverse, there is a possibility that there will be a liquidity run, which might result in a third higher high being reached.
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This has been echoed by industry stalwarts like Michael van de Poppe, a prominent crypto analyst, who is of the opinion that ETH can continue rallying towards $1,700-1,730 before facing any sort of rejection. Earlier, when the ETH price had dipped, Micheal noted that those dips were the “best options before the relief rally occurs”.
In this scenario, bulls have a possibility of making 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 make this occur, investors should expect a moderate trend reversal. Bears need to push prices below $1,568—a level that serves as a support for higher time frames—in order to generate momentum against buyers. If the support level of $1,568 is breached and turned into a resistance level, it will clear the way for sellers to push the price of Ethereum down to the support levels of $1,417, $1,331, and $1,227.
ETH To Cross $2K?
On the other hand, few experts tend to believe that the uptrend for Ethereum is far from being done. ETH bulls must stage a rebound in order to force the Relative Strength Index (RSI) to create another higher-high in the overbought area in their quest to gather liquidity resting above $1,650. The $1,820 barrier can become a support floor for Ethereum pricing if it is overcome, according to experts. Concurrently if the RSI supports this upward climb, the bearish argument will be refuted & a similar development would make ETH retest the psychological threshold of $2,000 as well.
As things stand, the price of Ethereum (ETH) is currently being traded at $1,661. This represents an increase of 6% in the past 24 hours, in contrast to its 9% jump during the last seven days, as per CoinGape’s crypto market tracker.Also Read: Crypto Fraudster Charged In $4.5 Bn Bitcoin Theft Lands New Marketing Job