Ethereum’s price faced a clear weekly rejection from the previous week, rejecting 1741 points for pushing the price lower. Last month it created the new high for 2023 after that a correction was en route from the high left in April until last week’s rejection.
In addition, Ethereum last Month has taken a major lower high of 2022, which means that the change of trend happened this year for Ethereum, this indicates a Bullish trend for the asset. While not forgetting to mention, the last 3 month period was closed bullish with strong momentum.
Looking ahead, Ethereum faces a major Resistance point at 2150 which is waiting to break and follow the next open point unvisited in the chart. Moreover, the open points are plotted in the chart.
Another confluence adding to Ethereum is that; All-time high was trading at 4880 points and the price faced a huge correction under 1000 points, so in most cases when a shift happens, the price tends to retrace at equilibrium, in Ethereum case next target is around 2400 point.
Overall, while Ethereum has experienced a setback in the short term, its outlook remains positive. The attached Ethereum chart provides a visual representation of this analysis, showcasing the potential for continued growth in the future.
The analysis has been made through technical analysis, be aware of many indications which affect the Crypto Market. I.e. inflation, USD, and Commodities news. The scenario is given in a Daily time frame.