As the overall market awaits a new breakout rally, the BTC price moves sideways, close to the $35K mark. Similarly to the market leader, the biggest altcoin, ETH price action displays an ongoing bullish rally.
Bouncing off the $1520 support level with a double bottom reversal, the Ethereum price trend reclaims the 50-day and 200-day EMA. With such a trend reversal level, the ETH price prediction reveals a high bullish note for altcoin to end 2023.
With a 17% jump in the latest recovery rally, the ETH price trend reaches the overhead resistance zone of $1800. Further, the high-speed recovery rally displays strong bullish candles in resonance with the market-wide recovery.
However, the price action displays long-range candles close to $1800, reflecting an indecisive trend due to excessive overhead supply. Further, the chances of a double top reversal arise as the buyers struggle at $1800.
Currently, the ETH price trades at $1801 with an intraday fall of 0.80%, resulting in a strong, bearish candle with higher price rejection. Therefore, the short-term correction warns of a pullback to retest the broken levels.
Technical indicators:
MACD indicator: The declining gap between the MACD and signal lines is teasing a bearish crossover. Moreover, the declining trend in histograms displays a lack of bullish histograms.
EMA: The rising crucial EMAs project a golden crossover and can support the ETH price in case of a pullback.
Will ETH Price Cross The $2000?
If the ETH price manages to sustain the bullish momentum with a slight improvement in the market conditions, the buyers will prolong the uptrend. Considering the bullish breakout propels the prices above $1800, the rally can drive the prices to $2000.
On the flip side, a reversal from $1800 can retest the 200-day EMA at $1716. Such a reversal can delay the golden crossover event.
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