$ETH found buyers at the all-time high of the 2017 cycle. Indeed, buyers defended the psychological round number of $1,000. Then, the price stuck at the level of the institutional bias (EMA 9/EMA 18) bearish located around $2,000. The price of the prince of cryptocurrencies has moved below $2,000 for the majority of 2023
In November, $ETH closed above the last high of $2,030. This closing makes it possible to validate a bullish double bottom structure on a monthly basis. This is an interesting bullish signal on a high time frame. Now, the price is moving beyond $2,000, and this level will need to be maintained as support. A re-entry of $2,000 could bring the price back to the level of the last low marked at $1,520. The ETH price is bullish on a monthly basis, and it is moving above the bearish trendline. The RSI managed to break the bearish trendline. In this situation, bullish volatility tends to set in. Whatever happens, the momentum is in the hands of monthly buyers.
$ETH is he off for a bull run again? The situation seems similar at the end of 2020. In fact, in 2020, the price also returned above the bearish trendline, and the close above $365 sent a bullish signal monthly. Also, the RSI was in a similar situation with a trendline breakout, and a bullish dynamic. The ingredients seem to come together again to experience a bull market.