The recent rise in Bitcoin’s price has lifted the entire crypto space, which had been stuck in narrow ranges. The Ethereum price also rose above $1500 before being stymied by bears just below $1700. The bulls, on the other hand, maintain significant dominance but prefer to remain low-key for the time being. Hence, the price may remain consolidated for the next few hours, after which it may enter a decisive phase.
So what’s next for the Ethereum price? When will it finally make it above $1700?
The price began with a fine upswing in the first fortnight of 2023 and reclaimed the levels it lost after the collapse of the FTX exchange. Since then the price maintained a narrow trade for a while before slashing by more than 12%. However, the recent rebound helped the second-largest crypto reclaim the lost levels. Therefore, a fine upswing above $1700 could appear imminent, but wait there’s a catch!
As mentioned before, the ETH price was experiencing extreme buying pressure recently, which pushed the price from the $1540 range to the $1550 range, beyond $1600. Currently, the pressure is increasing, and as the price approaches the critical resistance, a significant upswing close to $1800 could be on the horizon. Then the price may have a strong support base between $1650 to $1550 which may be held tight in case of a bearish reversal.
The ETH price has been trading within stable conditions for a long time and is therefore believed to rise at a slower pace. Moreover, the dominance also has not fluctuated for a long time indicating that the short-term trend of the ETH price index is in range. Additionally, in the daily time frame, the ADX & RSI have displayed a bullish divergence along with the MACD flashing a buy signal.
Therefore, it appears that Ethereum price may consolidate for a while and may also witness a minor pullback before a bullish breakout towards $1800
Source: https://coinpedia.org/price-analysis/ethereum-makes-a-comeback-but-is-now-a-good-time-to-buy/