Ethereum price finally broke the $2,000 resistance. The move marks a new yearly high and an 8-month high in the price.
Ethereum finally managed to break the $2000 resistance after 242 days below the crucial resistance. The price of Ethereum continues to hold relatively strong at this level currently.
The latest Shapella upgrade will finally allow users and validators to withdraw their ETH on the network. After the successful upgrade. The upgrade allows nearly $34.5 billion in stacked ETH to be finally withdrawn.
However, the price of Ethereum seems to be turning bullish again, despite the upgrade marked by uncertainty in the price direction before its success. The bullish momentum in the new year seems to be continuing for the second cryptocurrency by market capitalization.
The rise of Ethereum in 2023
The latest prices indicate that ETH will rise by nearly 70% in 2023. It rose from less than $1,200 in January. A steady increase in prices is bringing ETH back to its August 2022 high that was set eight months ago.
Ethereum Price: Where Next?
Ethereum (ETH) price is on its way out of a rising wedge, which is a bearish pattern. Furthermore, it is trading inside the $2,000 horizontal resistance area. As a result, a decisive breakout from this level will invalidate any kind of bearish predictions and confirm that a significant bullish move will follow.
In addition, the daily RSI has just broken out of the bearish divergence trend line (green) and is increasing. As a result, all signs point to a continuation of the upward movement.
If the increase continues, the next important resistance will be at $2,400. This is created by another confluence, this time between the horizontal resistance area and the resistance line of a long term bullish parallel channel.
This bullish outlook will be negated by a breakdown from the wedge. In this case, a drop to $1,700 could follow
Disclaimer
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