Three Reasons Why Ethereum Prices May Soar in 2023; Buy Now

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Brian Bollinger Ethereum prices have been on a sideways course since last week. They are struggling to break the $1230 resistance. The daily chart shows multiple short body candles with price rejection on both ends. This indicates indecisiveness among participants. The overhead trendline is near $1350 will likely be reached by a bullish pattern. Here’s how this bullish may influence Ethereum’s near future price.advertisementSource- TradingviewEthereum Price Forming A Bullish PatternThe Ethereum price steadily falling for the past five months has revealed the formation of a falling parallel channel pattern. This pattern is an established downtrend with lower resonating between parallel descending trendlines. However, it could be a bullish continuation pattern since it provides a direction rally after the breakout of its resistance trendline. This breakout could signal a sign of price recovery and provide entry opportunities for traders. Trending StoriesThe $2000 mark is an ideal target for the breakout of the overhead support line. This support level was established following the April-to June bloodbath. The Ethereum price saw strong support at the $1000 mark. The $1000 mark was the support level for the Ethereum price after the April-to-June bloodbath. Despite falling prices, the weekly RSI slope is moving in the opposite direction, indicating that the buying pressure is growing at its bottom support. This indicates that there is a greater chance of an overhead trendline breakout and possible price recovery. Current Price ActionThe recent bullish reversal of the pattern’s support trendline by Ethereum has triggered a new bull market. However, amid the ongoing uncertainty in the crypto market, this altcoin is stuck at the doorstep of $1230.advertisementThe ETH price currently trades at $1215 price, with an intraday loss of 1%. A daily candle closing above $1230 will restore bullish momentum and encourage prices towards the overhead trendline. Resistance Levels: $1230 and 1400
Support Levels: $1100 & $100
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story