The Ethereum price is currently attempting to form a short-term bottom as the prices are chopping around. The price has been trading below the pivotal MA levels for some time, which may further solidify the base for the asset to clinch the higher highs. Until then, the ETH price is expected to trade sideways to prevent a steep descending trend from reaching the lower support.
As the monthly close is fast approaching, ETH price may remain largely unaffected and continue to trade flat. However, the start of the new quarter could bring some volatility which could propel the price above $1500 in the coming few weeks.
A popular analyst believes that the ETH price can still make it above $1500 once the price slices through the 20 & 50 MA levels.
However, ETH price continued to trade within a pivotal symmetrical triangle, maintaining equal distance from the resistance and support levels. Therefore, the price is expected to experience similar buying and selling pressure for some time until it reaches the top of the triangle. If the bulls fail to propel the price, Ethereum could see a marked decline below $1250, which could certainly lower the 2022 upper target.
Conversely, the number of new ETH addresses created per day underwent a massive plunge in the past 24 hours, dropping by more than 50%. The steep decline usually indicates a steep drop in prices as well. Therefore, the Ethereum(ETH) prices may be heading towards an interim pullback below $1300, where-in the bulls may quickly take over the rally later.
