The crypto markets have been fascinating ever since the start of the fourth quarter, as the prices of the top two tokens have maintained an elevated trend. Although bearish forces knocked in frequently, the Bitcoin and Ethereum prices have been trading close to their gains. This suggests the bulls are preparing themselves for a fresh price action, which may initiate the probabilities of a bullish close for the year.
The Ethereum price is far into a bull run from $1,100 to $2,300, with three pushes up and a weekly RSI near the resistance level. These conditions suggest that the price is close to reaching its highs. Although the token trades within a bullish channel, it is above the pivotal support. However, these support levels are expected to face a challenge where the bears may use all their strength to break below the channel.
Presently, the ETH price is trading close to the pivotal resistance at $2,500, eventually leading it towards the channel’s upper band. To do so, the second largest token is required to test and clear the interim resistance at $2386. However, the dwelling RSI may remain a huge concern for now as the possibility of the price hitting the lower band of the channel emerges. This move may compel the price to enter the crucial support zone, where the bulls are expected to manifest their strength.
The price is expected to trigger a healthy rebound after testing the support, but if the volume slides down, a bearish scenario may occur. The RSI, MACD, DMI, TSI, etc. are bearish in the daily time frame. Hence, larger possibilities of a bearish breakdown emerge, suggesting the ETH price will plunge below $2000 by the end of 2023. However, a bullish rebound may follow, but it is expected to consume more time or in the case of a catalyst like the BlackRock Spot ETH ETF, the rally may squash the bearish scenario and mark new highs.
