The recent surge in Bitcoin’s price has lifted the entire crypto space, which has been stuck in tight ranges. Ethereum The price also climbed above $1,500 before being blocked by bears at just under $1700. On the other hand, the bulls maintain a significant dominance but prefer to remain low-key for now. Therefore, the price may remain consolidated for the next few hours. Then it may enter a decisive stage.
The price started off well in the first two weeks of 2023. It regained the levels it lost after the collapse of the FTX exchange. Since then, the price has maintained a tight trade for a while before falling more than 12%. However, the recent recovery helped the second-largest cryptocurrency regain lost levels. Therefore, a decent rise above $1700 might look close.
The altcoin price has been experiencing overbought pressure lately. This pushed the price from the $1540 range to the $1550 range, beyond $1600. Pressure is building at the moment and a key upside near $1800 is on the horizon as the price approaches critical resistance. In this case, it is possible for the price to have a strong support base between $1650 and $1550. This too can be kept tight in case the bearish reversal.
Koinfinans.com As we reported, Ethereum price has been trading under stable conditions for a long time. It is therefore believed to rise at a slower rate. Moreover, the dominance has also not fluctuated for a long time, which indicates that the short-term trend of the ETH price index is in the range. Additionally, on the daily time frame, ADX and RSI exhibited a bullish divergence with the MACD flashing a buy signal.
Therefore, a minor pullback is possible before Ethereum price could consolidate for a while and continue higher towards $1800.