After rejecting $21K, the price of Ethereum came to test the psychological threshold of $2000 twice, which was unsuccessful.
Not two without three?
The price of Ethereum is trading above $1900 today. It is still included in a bullish channel drawn from the beginning of 2023.
The latest fluctuations in ETH allowed the last daily candle to close in the form of a hammer. From the chart perspective, we can see an “inverted head shoulder”. All of these factors are meant to be encouraging for a bullish scenario. Regarding the indicators, Ethereum is above the daily moving averages crossed and pointing upwards. On the oscillator side, there is nothing to report except for a daily RSI slightly above 50.
Litecoin Prices Assumption
For a bullish scenario, we can therefore consider a rise to the final annual ATH, close to $2.1K. If this last level is broken, we could have higher targets around $2.3 and above if the bulls are real.
For a bearish scenario, we can imagine a return towards $1.8K initially. If this level is broken, we may have a structure change that could take us to $1.6K initially. This situation could create a “double top” which would help to continue.
Conclusion
Amid the consolidation phase, Ethereum is currently looking for its way. Everything indicates that the second most capitalized cryptocurrency should be done soon. However, we are never sure of anything. Therefore, it will be important to carefully observe the reaction of the price to the different identifiable levels in order to confirm or not the different hypotheses that have been made. Be alert for possible “fake outs” and “market pressures” in all situations. In addition, it should be remembered that these scenarios are based on technical analysis only. The price of cryptocurrencies can change more or less quickly, depending on other more fundamental factors.
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