While the markets were stuck within a bearish range, Ethereum’s price maintained a notable ascending trend, along the ascending trend line as a support. The price was trading within a rising wedge, which was expected to drop to some extent after a breakout from the apex. Now the question arises whether the ETH price reclaims the crucial resistance at $2,675.
The rise or fall in the ETH price is usually speculated by the trend followed by the ETH/BTC. If the ETH price is displaying strength against BTC, then the value against USDT is also expected to rise. After a sharp reversal, the ETH/BTC pair is holding certain levels and hence the recovery is believed to keep up the bullish possibility for the ETH price rally in the coming days.
Ever since the start of 2023, the ETH/BTC has been stuck within a descending parallel channel, unable to break the resistance. However, after reaching the levels it traded before the 2021 bull run at 0.042 BTC, the token appears to have begun to display some strength. Although the pair is stuck under a bearish influence, it does display some hope for a bullish reversal. The weekly candle displays the bulls are trying very hard to revive a strong rebound, which is expected to elevate the levels to the average zones of the channel.
A similar pattern is witnessed in ETH/USDT as the price is fighting the bearish pressure since the previous day’s trade. As the markets are heading towards the end of the monthly trade, the token is expected to become volatile. However, after retaining the lower support zone, it is pretty clear that the bulls have become active and hence may boost the prices to reach above the bearish zone.
As seen in the above chart, the ETH price broke down the rising wedge but sustained above the lower support zone between $2347 and $2415. Although the volume remains grounded, the RSI maintains an elevated trend. Therefore, the price which is facing massive bullish support, is believed to close the monthly trade on a bullish note and reclaim the lost levels at $2682, which could further push the prices above $2700.
Therefore, the bullish possibilities over the Ethereum (ETH) price rally continue to remain alive while the crypto winters are expected to end at the end of the quarter.
