Ethereum Price Analysis: ETH Price Secretly Rising to These Levels in February 2023
Ethereum price is trading almost flat without letting of signals of its impending move regardless of the direction
The current trade setup indicates the price may drop notably by 5%to 6% which may trigger a massive upswing before the weekend
Ethereum’s price has been trading flat for the past few days. The price is not offering any clue like Bitcoin depending on which the further price action could have determined. However, judging from the market sentiment, it can be assumed that the current trade setup for the ETH price is bullish and may head beyond $1800 by the end of February 2023.
The ETH price retraced following a corrective wave ever since the bearish divergence was spotted following a 50% upswing during the first fortnight of 2023. Regardless of the mounted bullish pressure, the ETH price may still witness a minor bearish action that may compel the price to drop below $1500 in the coming days.
The Ethereum price is trading within an ascending triangle, flashing the possibility of ranging toward the resistance despite the bearish actions which may occur in between. The price may flutter high to reach the apex of the consolidation and as the MACD is trading within positive levels, a bullish breakout beyond $1720 appears to be on track.
In a bearish case, the ETH price may drop below the lower trend line as it did before, but may also rebound finely within no time to reclaim the levels within the triangle. However, the second-largest token has leaped long in the past 7 days, gaining a growth of more than 5.5%. The bullish momentum is believed to have accumulated due to which the price is believed to maintain an ascending consolidation until bulls revoke the upswing soon.