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.
Amidst the bearish clouds swirling around the price of ETH, the potential for modest upside emerges. The coin is believed to be in a positive uptrend, as the price is trading with a profit-taking zone after staying firmly just above the loss zone. The asset is currently displaying significant strength and hence is considered to have moved higher after a minor pullback.
A popular analyst believes that the ETH price may soon offer a long entry at around $1190.
According to forecast, the price may move higher after testing the $1190 support in the next few days and may reach the level near $1268 in the next few 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.
ETH price moved higher after the golden cross to mark the ATH near $4800. Furthermore, a bearish market caused the price to decline by more than 75% at this point and a potential death cross could 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.
It is believed that in the coming days, Ethereum (ETH) price is likely to see a huge increase, but only after a brief consolidation. Therefore, the price needs to rise above the current resistance at $1240 and hold it to set up a bullish trade for 2023.
