Ethereum price underwent a significant upswing during the first fortnight of 2023, gathering nearly 14 bullish candles including a couple of bearish candles too. Despite the pullback, the price respected the lower support at $1507 and rebounded fairly after each contact. However, the price is predicted to rise finely in the future ahead, but the impending price trend continues to be skeptical carrying equal possibilities of a breakout and breakdown.
The ETH price in the next couple of hours is expected to test crucial levels that may decide the future trajectory. However, the mounted bearish trend could drag the price below $1500 during the weekend. It may compel the bulls to react as the price may have reached the lower support of ascending triangle.
The price with the recent upswing was closer to testing the pivotal levels along the descending trend line. However, the fresh price slash has disrupted the bullish momentum to a large extent. Presently, the token is unable to determine the direction of its next move and hence possesses 2 possible scenarios after plunging toward the critical levels at $1340.
- The ETH price may rebound after testing these levels and head back toward the descending trend line, surpassing the pivotal resistance levels of the symmetrical pennant. Further, the price may continue to rise high, testing the higher targets and reaching $2000 initially.
- The price may also possess a possibility of a bearish reversal at critical levels. If the bulls fail to hold the price at $1340, then a steep plunge could drag the price lower to $1000, breaking the lower support of the pennant.
Collectively, the Ethereum (ETH) price is believed to be more stable compared to Bitcoin or any other asset. However, the upcoming weekend could be proven to be more crucial for the second largest crypto which may highly impact the price in the coming week.
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Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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As Ethereum continues its battle between supply and demand, one must wonder what the future holds for the number two cryptocurrency. This is especially true in light of the bullish phase Ethereum has been in for the past several weeks, which led to a sharp increase in the ETH price. This has left investors and analysts wondering if this trend will continue and if Ethereum’s future moves will benefit the price of ETH.
The recent bullish phase has been attributed to the optimism surrounding the Ethereum blockchain’s upgrade. Since the upgrade was implemented, the Ethereum network has experienced faster transaction speeds, lower transaction fees, and improved network security. These changes have certainly contributed to the general optimism surrounding Ethereum.
As Ethereum continues to reach new highs, the uncertainty surrounding its future has left some investors with an uneasy feeling. Ethereum has been known to sudden market sell-offs and its upcoming hard fork is likely to affect its market capitalization in the coming weeks. This could have an adverse effect on the ETH price and make investors wary of investing in it.
As for the ETH price in the coming week, it is hard to predict with certainty. Although Ethereum’s recent growth has been attributed to the optimistic sentiment surrounding the upcoming hard fork, a sudden drop in the ETH price due to a lack of strong bullish momentum or a negative market reaction to the hard fork could lead to a deep correction in the ETH price.
Overall, investors should be aware that the future of Ethereum is uncertain and that any sudden change in its price could result in significant losses or gains for investors. As such, investors should exercise caution and be mindful of the risks involved in investing in ETH.
