Ethereum price has finally broken the $2,000 resistance. The move marks a new yearly high and an 8-month high in price.
Ethereum has finally managed to break the $2,000 resistance after 242 days below the crucial resistance. The ETH price continues to hold relative strength at this level currently.
The recent Shapella upgrade would finally allow users and validators to finally withdraw their staked ETH on the network. Following the successful upgrade. The upgrade allows roughly $34.5 billion in staked ETH to finally be withdrawn.
However, the Ethereum price has appeared to turn bullish once again, despite an upgrade that was marked with uncertainty in price direction before its success. Bullish momentum into a new year appears to continue for the number two cryptocurrency by market capitalization.
Ethereum Climbs in 2023
The latest price sees ETH climb nearly 70% in 2023. Climbing from under $1,200 in January. The steady price increase sees ETH back at its August 2022 high set eight months ago.
Price of Ethereum: Where to Next?
The Ethereum (ETH) price is in the process of breaking out from an ascending wedge, which is considered a bearish pattern. Moreover, it is trading inside the $2,000 horizontal resistance area. As a result, a decisive breakout from this level would invalidate any sort of bearish outlook and would confirm that a significant upward movement will follow.
Additionally, the daily RSI just broke out from its bearish divergence trendline (green) and is increasing. As a result, all signs point to the continuation of the upward movement.
If the increase continues, the next important resistance would be at $2,400. This is created by another confluence, this time between a horizontal resistance area and the resistance line of a long-term ascending parallel channel.
This bullish forecast would be invalidated by a breakdown from the wedge. In that case, a drop to $1,700 could follow
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