Throughout the first two weeks of 2023, the value of Ethereum increased dramatically, forming nearly 14 bullish and a few bearish candles. Regardless of the pullback, the price respected the lower assist at $1507 and rebounded nicely after each contact. Nonetheless, the value is expected to rise gradually in the future, but the impending worth development remains uncertain, with equal chances of a breakout and a breakdown.
The ETH price is expected to test critical levels determining the long-term trajectory within the next few hours. Nonetheless, the ongoing bearish trend may push the price below $1500 over the weekend. It may compel the bulls to react because the price has reached the lower assist of the ascending triangle.
The value with the most recent upswing was getting closer to testing the pivotal ranges along the descending development line. Nonetheless, the recent price cut has significantly disrupted the bullish momentum. The token is currently unable to determine the path of its next transfer and thus has two possible outcomes after falling to the critical levels of $1340.
- After testing these levels, the ETH price may rebound and return to the descending development line, surpassing the pivotal resistance levels of the symmetrical pennant. Furthermore, the price may rise excessively, testing the upper targets and initially reaching $2000.
- At critical levels, the price may experience a bearish reversal. If the bulls fail to carry the price at $1340, a steep drop could drag the price down to $1000, breaking the pennant’s lower assist.
The Ethereum (ETH) value is thought to be more secure than Bitcoin or any other asset. However, the upcoming weekend may be extra crucial for the second-largest crypto, which will significantly impact the value in the coming week.