Main Points of the Story:
- Ethereum’s price remains below the $2000 level, indicating a potential significant uptrend very soon.
- Continuous rejection at the same levels has provided significant momentum for cryptocurrencies, potentially paving the way for the second-largest cryptocurrency to reclaim positions above $2400.
- Since then, the price has maintained a sharp downward trend, crushing buying pressure that attempted to ascend for some time.
- READ MORE “Ethereum (ETH) tokens worth one billion dollars have exited cryptocurrency exchanges in weeks.”
- Ethereum is facing difficulty in surpassing its highest levels in April 2023, encountering direct rejection at key resistance.
- However, the current trend has turned bearish, and as a result, further decline and a breach of immediate support are expected.
- It is worth noting that ETH’s price, along with some other alternative currencies, is expected to witness a new uptrend. Technical analysis indicates a correction, but there is a high possibility of a significant rise as the famous “Golden Cross” is about to occur.
- As depicted in the above chart, it appears that ETH’s price will experience a new uptrend as the Golden Cross approaches. The 50-day moving average and the 200-day moving average are set to intersect in an upward direction, potentially having a significant impact on ETH’s price, albeit in the short term. The price is expected to retest levels above $2100, after which the bullish speculators are expected to weaken. Decreased volume and a price drop below $2000 confirm the bearish assertions.
- Furthermore, the Relative Strength Index is also bearish, indicating that the price remains under bearish influence. Therefore, the Golden Cross could lift the price higher, but from a longer-term perspective, the trend remains leaning southward. Some believe that Ethereum’s price may face a collapse similar to March 2020, while others assume it may drop below $1000 as well. At the same time, in the short term, ETH seems confident in rising above $2000 and setting new record levels for 2023.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.