From the chart above, we can observe that Ethereum (ETH) has been falling a lot since April 2023. Moreover, Ethereum has been trading inside an ascending triangle and now finally crossed over the 200-day moving average indicating a bullish era is starting. However, investors need to still wait for a clear breakout from one side of the ascending triangle for a clear pattern of the market.
If it breaks above the upper trendline, Ethereum can reach up to $1788.99. Another possible scenario is that if Ethereum breaks the lower trendline, it can fall back to the $1,100 price level.
Also, this bearish chart illustrates that the value of ETH has been fluctuating within a range of $1,160.38 to $1,594.04 over the past 30 days. If this price appreciation persists, it could potentially break through the $1684.83 resistance level, and possibly traverse to the $1661.98 level, indicating a bullish signal for 2023.
However, if the bears prevail, the price of ETH may relinquish its position in the current uptrend, resulting in a decline below the $1213.37 support level, potentially reaching lower levels in 2023, signaling a bearish sentiment.
If it breaks above the upper trendline, Ethereum can reach up to $1788.99. Another possible scenario is that if Ethereum breaks the lower trendline, it can fall back to the $1,100 price level.
Also, this bearish chart illustrates that the value of ETH has been fluctuating within a range of $1,160.38 to $1,594.04 over the past 30 days. If this price appreciation persists, it could potentially break through the $1684.83 resistance level, and possibly traverse to the $1661.98 level, indicating a bullish signal for 2023.
However, if the bears prevail, the price of ETH may relinquish its position in the current uptrend, resulting in a decline below the $1213.37 support level, potentially reaching lower levels in 2023, signaling a bearish sentiment.