The ethereum price has had a lot of upside a few weeks ago. However, a bottom is slowly starting to form. Right now, ethereum is making a nice structure. There are also no violent ones bearish signals present on the high time frame.
As long as ethereum (ETH) does not lose its level of $1,070, an end-of-year sprint to the $1,780 – $1,900 zone is certainly possible. There are of course some snags to the end-of-year sprint and that is that it is often quiet in the period from December to New Year.
The ethereum price in 2023?
As discussed and explained in the video above, there is also a scenario that December is going to be a very quiet month when it comes to currency fluctuations. If this is the case, I will move the year-end sprint to the months of January and February. But we can also apply the rule that ETH cannot lose its price of $1,070.
Short term decline
A small cooldown for ethereum next week or in the next two weeks is not surprising. However, this is no reason for me to panic yet. The important support levels for ETH are therefore $1,220 and $1,120. As long as ethereum hangs around here, the coming weeks/months could look interesting for ETH.
Conclusion
So I can conclude that this analysis will remain in effect as long as ethereum (ETH) reaches its last daily level of $1,070. We also see the following: Sentiment is very bearish (positive signal), important levels have held as support and a lot shorts at the time; one reason for one short squeeze.
