Ethereum price underwent a significant upswing during the first fortnight of 2023, gathering nearly 14 bullish candles including a couple of bearish candles too. Despite the pullback, the price respected the lower support at $1507 and rebounded fairly after each contact. However, the price is predicted to rise finely in the future ahead, but the impending price trend continues to be skeptical carrying equal possibilities of a breakout and breakdown.

The ETH price in the next couple of hours is expected to test crucial levels that may decide the future trajectory. However, the mounted bearish trend could drag the price below $1500 during the weekend. It may compel the bulls to react as the price may have reached the lower support of ascending triangle.

Source: Tradingview

The price with the recent upswing was closer to testing the pivotal levels along the descending trend line. However, the fresh price slash has disrupted the bullish momentum to a large extent. Presently, the token is unable to determine the direction of its next move and hence possesses 2 possible scenarios after plunging toward the critical levels at $1340.

  • The ETH price may rebound after testing these levels and head back toward the descending trend line, surpassing the pivotal resistance levels of the symmetrical pennant. Further, the price may continue to rise high, testing the higher targets and reaching $2000 initially.
  • The price may also possess a possibility of a bearish reversal at critical levels. If the bulls fail to hold the price at $1340, then a steep plunge could drag the price lower to $1000, breaking the lower support of the pennant.

Collectively, the Ethereum (ETH) price is believed to be more stable compared to Bitcoin or any other asset. However, the upcoming weekend could be proven to be more crucial for the second largest crypto which may highly impact the price in the coming week.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.