After Bitcoin exceeded $23,000, all eyes are on Ethereum (ETH) as indicators point to a new high for the cryptocurrency king.
However, few experts believe Ethereum's rise is still ongoing. ETH bulls must rebound to propel the Relative Strength Index (RSI) higher in the overbought territory and gain liquidity above $1,650.
Passed the coveted $23,000 mark, as indicators point to a new high for the king of the altcoins.
The Price of Ethereum (ETH) has risen dramatically during the last three weeks. Bulls have maintained their lead despite a few bearish signs that occasionally surface along the levels of lower timeframes. However, current expert analysis suggests that a trend exhaustion may already be in progress based on the pricing.
Since the start of 2023, the price of Ethereum has climbed by 38%, and it is currently trading around $1,650. On January 13 and 20, new all-time highs were set as a result of this tremendous increase. Additionally, there is a chance that there will be a liquidity run, which could lead to a third higher high being hit, despite the fact that there is a clear theoretical prediction that the price of Ethereum will reverse.
Industry veterans agree, like Michael van de Poppe, a well-known crypto analyst, who believes that ETH can continue to rise until $1,700–1,730 before encountering any form of resistance. Earlier, Micheal highlighted that the dips in the price of ETH were the "greatest opportunities before the relief rally comes."
If the bulls are able to use the momentum signal to make a higher high at the same time in this scenario, they may be able to make a comeback. Investors should prepare for a modest trend reversal if buyers are unable to achieve this. In order to build momentum against buyers, bears must lower prices below $1,568—a level that acts as a support for longer time frames. If the $1,565 support level is broken and becomes a resistance level, it will be easier for sellers to drive the price of Ethereum down to the $1,415, $1,330, and $1,227 support levels.
However, very few experts seem to think that Ethereum's upward trajectory is still far from over. In order to drive the Relative Strength Index (RSI) to make another higher-high in the overbought area and to gather liquidity resting above $1,650, ETH bulls must launch a rebound. If broken, the $1,820 barrier might eventually serve as a support floor for the price of Ethereum. The bearish argument will be disproved if the RSI continues to move upward, and a similar scenario would cause ETH to once again test the psychological level of $2,000 as well.
The price of Ethereum (ETH) is currently $1,666 according to the current situation. According to CoinGabbar, this is an increase of 1.2% over the last 24 hours, as opposed to a 9% increase over the previous 7 days.
