Ethereum Price Soars to New Heights in Feb 2023: Analysis

• Ethereum price is trading almost flat without letting of signals of its impending move regardless of the direction.
• The current trade setup indicates the price may drop notably by 5% to 6% which may trigger a massive upswing before the weekend.
• Ethereum has leaped long in the past 7 days, gaining a growth of more than 5.5%.

Ethereum Price Analysis

Ethereum price is trading almost flat without letting off any signals of its impending move regardless of the direction. The current trade setup indicates that the price may drop notably by 5% to 6%, which could trigger a massive upswing before the weekend.

Market Sentiment

Judging from the market sentiment, it can be assumed that ETH’s price is currently bullish and could head beyond $1800 by February 2023. There was an unanticipated bearish divergence after a 50% upswing during the first two weeks of 2023, leading to a retracement.

Technical Indicators

The Ethereum price is trading within an ascending triangle, indicating a potential ranging towards resistance despite intermittent bearish actions. The MACD is trading within positive levels, suggesting that there’s scope for a bullish breakout beyond $1720.

Price Movement

Despite mounting bullish pressure, ETH’s price might still experience minor bearish action pushing it below $1500 in coming days. It has leaped long in last seven days with over 5.5% growth due to accumulated bullish momentum.

Conclusion

It appears that Ethereum’s price will continue consolidating in an ascending pattern until bulls take control and trigger an upswing soon.