Ethereum Price Analysis: ETH Price On The Path Of Rally To $2,000?

The crypto market has witnessed another dip in its value as cryptocurrencies trade in the red for the second straight day. With Bitcoin price losing close to 1%, Ethereum price following in its footsteps and has lost over 2% in its value.

Since September, ETH Price has made multiple attempts to break out of the resistance zone at $1,639 but failed to hold the price above the range, resulting in the coin losing momentum and falling below the range.

Ethereum price then continued to dip and broke down the support level of $1,576.01, but for a very short period, following which the bulls pushed the price back up quickly.

The bulls then made another attempt last week and successfully managed to break out, following which the price experienced and broke out of an important resistance level of $1,661.37.

Further, the Ethereum coin continued to jump and managed to break out of the crucial resistance level at $1,730.93, but for a very short period, following which the price was rejected, indicating the bear power.

The ETH price is presently trading with the support of an ascending trendline and close to its support zone at $1,624. Despite the Golden Cross, the Altcoin has traded under a bearish influence. Ethereum is expected to retest this level before a possible rebound in the coming days.

The MACD displays a sharp decline in its averages, indicating a weak price action. Moreover, the histogram displays a constant red histogram, indicating an uncertainty in the future price action of the ETH coin.

Will ETH Price Regain the $2K Mark In 2023?

If the bulls gain power and push the price above $1,661, the coin will experience a bullish moment and continue trading upwards. Further, if the market breaks out of the resistance level at $1,695, the coin will prepare to test the upper resistance level of $1,730 this week.

If the ETH coin manages to cross the $1,800 mark by the end of the month, then the Ethereum price will start trading on a bullish note and will target to achieve the $2K mark by the year-end.

On the flip side, if the bears gain control over the market and the Ethereum price breaks down the support zone, then the top altcoin will experience a trend reversal. Moreover, if the coin fails to hold its price over $1,619, then the price will continue to dip and test its lower support level of $1,576 soon.