Be Prepared for a Rally Above $2400

Ethereum is having a tough time clearing the April 2023 highs as it faces a rejection straight on the main resistance. Since then, the price has been maintaining a steep descending trend, squashing the buying pressure that tried to mount for a while. However, the trend has shifted in bearish favour at the moment, and hence the ETH price is believed to plunge harder and breach through the immediate support.

It is worth noting that the ETH price, along with some other altcoins, is believed to undergo a fresh upswing. The technicals are pointing towards a correction, but there is a huge possibility for the second-largest token to surge as the famous ‘Golden Cross’ is about to occur.

As seen in the above chart, the ETH price appears to be due for a fresh upswing as the Golden Cross approaches. The 50-day MA & 200-day MA could undergo a bullish cross, which may have a huge impact on the ETH price, but only for the short term. The price is believed to regain levels above $2100, beyond which the bulls are expected to get weaker. The drop in volume and the price chopping below $2000 substantiate the bearish claim.

Besides, the RSI is also bearish, which suggests the price remains under bearish influence. Hence, the Golden Cross could lift the price up, but from a longer perspective, the trend remains lenient towards the south. Some believe the Ethereum price may undergo a March-2020-like crash, while others assume it will drop below $1000 too. Meanwhile, in the short term, the ETH price appears to be self-assured to rise above $2000 and mark new highs for 2023.

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