Ethereum price is trading within a deep bearish trend ever since the second-largest crypto-marked highs just before the end of 2021. Multiple factors contributed to the price plunge which is heading toward the edge of the consolidation. However, the bearish clouds continue to prevail as the ETH price continues to trade below 50-day MA levels for more than a month in the daily chart.
In the middle of the bearish clouds circulating around the ETH price, the possibility of a minor upswing emerges. The token is believed to raise finely, as the price is trading with the profit-making zone after holding firmly just above the loss zone. The asset is currently displaying significant strength and hence is believed to rise high after a minor pullback.
A popular analyst believes that the ETH price may soon offer a long entry at around $1190.
As per the forecast, the price could further rise high after testing the support at $1190 to reach the level of around $1268 in the next couple of days.
Amid the possibility of a minor upswing, the Ethereum price is expected to follow in the footsteps of the star crypto Bitcoin. As reported earlier, the BTC prices may soon experience a death cross in the weekly time frame for the first time ever in history. However, the ETH price which underwent a ‘Golden Cross’ in the weekly time frame just before the beginning of the 2021 bull run, is all set, to begin with, a fresh trend reversal.
The ETH price after the golden cross ranged high to mark ATH close to $4800. Further, a bearish market slashed the price by more than 75% at the moment and the probable death cross may hinder the rally, postponing the recovery phase indefinitely.
Presently, the ETH price is trading within a decisive phase, very close to the peak of the consolidation which may trigger a massive price action. The volume has dropped low, equally dominated by bulls and bears which has hampered the volatility to a large extent.
In the coming days, the Ethereum (ETH) price is believed to undertake a massive upswing but only after a brief consolidation. Therefore, the price is required to rise & hold above the current resistance at $1240 to set a bullish trade for 2023.