As we enter 2023, some tokens in the crypto money market have increased, albeit on a small scale. In addition to these rises, ETH, one of the leading altcoins, was among those that did not give the expected.
Ethereum (ETH) is up 0.1 percent in the last 24 hours, according to data from CoinGecko.
Ethereum (ETH) Price Analysis
Ethereum is a decentralized and open-source Blockchain that enables smart application running on the Blockchain, introduced by Vitalik Buterin at the 2013 North American Bitcoin Conference.
When we look at the daily chart of ETH, we can see that it has declined strongly from the $ 1600 region to $ 1250. After that, the waters in ETH did not calm down, the price continued with ups and downs. The next target in ETH could be the $1700 region. Apart from that, in a bearish scenario, the price may drag us down to $1300.
Overall, Ethereum price analysis shows strong bullish signals in the short term. The bulls are trying to push the price of ETH/USD up and are currently targeting the $1,587 level. A break above this key resistance could lead to more rally in Ethereum and push the price levels towards $1,600. Support is seen at $1,529, which could be crucial if prices pull back.