Despite the market being in a bearish range, Ethereum’s price has been following a noticeable upward trend, supported by an ascending trend line. The price has been trading within a rising wedge pattern, with expectations of a slight drop after breaking out from the apex. The key question now is whether Ethereum will be able to reclaim the crucial resistance level at $2,675.
The price movement of Ethereum is often influenced by its trend against Bitcoin (ETH/BTC). A strong performance against BTC usually translates to a rise in value against USDT as well. Despite a recent reversal, the ETH/BTC pair has managed to hold certain levels, indicating a potential bullish momentum for Ethereum in the near future.
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Since the beginning of 2023, the ETH/BTC pair has been moving within a descending parallel channel without breaking the resistance. However, after reaching levels last seen before the 2021 bull run at 0.042 BTC, Ethereum seems to be showing signs of strength. Despite the bearish influence, there is hope for a bullish reversal as indicated by the weekly candlestick chart.
A similar scenario is unfolding in the ETH/USDT pair, with the price struggling against bearish pressure. With the end of the month approaching, Ethereum is expected to experience increased volatility. However, with the bulls showing activity and defending the lower support zone, there is a possibility of a price surge beyond the bearish zone.
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As depicted in the chart, Ethereum’s price broke below the rising wedge pattern but managed to stay above the lower support zone between $2347 and $2415. Despite low volume, the RSI indicator remains on an upward trend. With strong bullish support, Ethereum is expected to end the month on a positive note by reclaiming the $2682 level and potentially surpassing $2700.
Therefore, the outlook remains optimistic for Ethereum’s price rally, with expectations of the crypto market improving as the quarter comes to a close.
