The cryptocurrency market has been eye-catching in recent years, especially since the beginning of the fourth quarter, with its impressive performance. In this volatile market, the first two coins have been trending, and despite the frequent bearish forces, Bitcoin and Ethereum have been close to gaining. This trend shows that the bulls in the cryptocurrency market are preparing for a new ** move.
Ethereum** has entered a bull market from $1,100 to $2,300 three times** and the RSI is close to the resistance level every week. These conditions suggest that ** may be close to its highest point. Although the coin is trading within the bullish channel, it is still above the key support level. However, these support levels are expected to be challenged and bears may go all out to break below the channel.
Currently, ETH** is approaching the key resistance level of $2,500, which will eventually lead it towards the upper limit of the channel. In order to break through this resistance level, Ethereum needs to test and clear the temporary resistance level of $2,386. However, with the increased likelihood of hitting the lower band of the channel, the Residential Relative Strength Index (RSI) could be a worrying factor for now. This indicator may force ** into the key support zone, where the bulls are expected to show their strength.
However, we can't ignore the fact that, despite the current challenging market environment, it is expected that **after testing the support** will trigger health**. But if the volume is down, then there may be a bearish situation. At present, RSI, MACD, DMI, TSI and other indicators are showing a bearish trend on the daily timeframe. As a result, a bearish crash is more likely, meaning that Ethereum** could fall below $2,000 by the end of 2023.
However, even in a bearish scenario, there is still some bullishness** possibility. It could consume more time, or in the case of a catalyst such as BlackRock, the emergence of an Ethereum spot ETF could suppress the bearish situation and make new highs.
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