Ethereum, is struggling to break the April 2023 highs as it faces a direct rejection above existing resistance. The price has continued a steep downward trend since then, crushing buying pressure that has been trying to rise for some time. However, the trend has now reversed to a downward direction. Therefore, it is believed that the ETH price will fall harder and break through the emergency support.
Some other changes in Ethereum price altcoinPredictions that it will start a new rise with ‘s are also quite high. Technical data points to a correction, but the expectation that the ‘golden crossover’ is about to occur is the most important detail that is believed to drive the price higher.
As seen in the chart above, Ethereum price seems poised for a new rise as the golden intersection approaches. The 50-day MA and the 200-day MA may have a large impact on ETH price, but only in the short term to indicate a bullish trend. The price is believed to regain levels above $2100, and beyond that, the bulls are expected to weaken. The decline in volume and the price falling below $2000 confirm the bearish claim.
Additionally, the RSI is also in a downtrend, indicating that the price is under bearish influence. Therefore, the gold crossover could push the price higher, but looking at the longer term, the trend is slightly bearish. While some believe that the Ethereum price may experience a March-2020-like crash, others assume it will fall below $1000. Meanwhile, in the short term, ETH price looks confident about climbing above $2000 and marking new highs for 2023.