Ethereum (ETH) continues to demonstrate a steady rise in a bearish market, trading along an ascending trend line. However, the question remains: will the price reclaim the crucial resistance level of $2,675?
Current Market Situation of Ethereum
Despite the bearish sentiments in the market, Ethereum's price has been following an ascending wedge. It was expected to drop slightly after a breakout, but that didn't happen. The question is whether ETH can hold above $2,675.
Analysis of ETH/BTC Pair
ETH's price is usually determined against BTC. If ETH shows strength against BTC, its value against USDT is expected to rise as well. After a sharp reversal, the ETH/BTC pair holds certain levels, indicating a potential bullish reversal in the coming days.
Near-term Forecast
Since the beginning of 2023, the ETH/BTC pair has been in a descending channel, unable to break the resistance. However, after reaching the 0.042 BTC level, the pair started showing some strength. Strong bullish pressure may push the price above the support zone between $2,347 and $2,415 and reclaim lost positions above $2,682, potentially leading prices above $2,700.
Despite the bearish market, Ethereum holds the potential for price growth. The crypto winter is expected to end by the end of the quarter, potentially stimulating further price increases.
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