The crypto markets seem to have digested the bearish pressure as some of the tokens demonstrate strength. The Ethereum price remains accumulated within a narrow range, hinting at the possibility of an excess price compression. As a result, the bulls are unable to exert pressure, as it could fade quickly with the bears possessing a significant dominance. Therefore, the ETH price could be stuck in a bearish well, but from a wider perspective, the token has laid a bear trap, which could result in a 200% upswing in the next 3 to 6 months.
The latest pullback in the ETH price has compelled the token to lose one of its pivotal supports that it has held since July 2022. After the drop, the bearish activity reduced without an attempt to drag the price lower close to $1500. This suggests the bulls remain vigilant and are preventing excess price drain. Moreover, the historical price pattern suggests the ongoing consolidation has happened before, which has triggered a 175% rise to form a new ATH at $4,870.
With similar trading conditions, the ETH price is believed to rise and form a new ATH slightly above $5000, but the current market dynamics display a diverse price action.
The historical price action of Ethereum suggests the price is very close to a complete bearish exhaustion phase. The weekly RSI is about to hit the lower threshold, which has happened after the price marked ATH in 2018 and 2021. The drop in RSI came in time with the rise in the bearish activity, leading the token towards the bottom of the descending trend. Currently, the ETH price seems to be an inch away from marking the bottoms, which could be close to $1500 as RSI remains at 33, and a drop below 20 could trigger a strong rebound.
Therefore, the Ethereum price could maintain a continued descending trend and test the local support at $1580. Here the bulls are expected to trigger a rebound and initiate a strong ascending trend towards a new ATH, probably above $5000.
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