Home Crypto Is Ethereum’s next recovery cycle likely to push it up to $2300?

Is Ethereum’s next recovery cycle likely to push it up to $2300?


In the first three weeks in 2023, Ethereum’s market value soared by 42% due to the U-shaped recovery. A bull run reached $1677, and then began to experience a minor correction phase. After an explosive rally, it is necessary for prices to stabilize after a temporary pull. Here’s how this Ethereum price may escape this consolidation.

The key points 

  • The Ethereum price has entered a consolidation phase at $1677 and $1500 levels.
  • Bullish breakout above $1677 will help buyer to carry and strong rally
  • Ether’s intraday trading volume is $5.3 billion, which indicates a 76% gain

Ethereum PriceSource- Tradingview

In the 4-hour timeframe chart, however, this consolidation transformed into an inverted head and shoulder pattern. The trendline that is downsloping in the chart is the neckline resistance to the pattern. The buyers are currently trying breaking this barrier.

Inverted head and should patterns are a common bullish reversal pattern that can be observed. This could lead to a strong bullish rally. The Ethereum price saw a significant increase and increased by 3% today. 


If the candle lasts for 4 hours, it will be above the downsloping…

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