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The bigger picture for Ethereum is very simple, “The ETH price is currently in a sideways ranging market after coming out of a massive sell-off that lasted for months”
However, this sidways movement on the higher timeframe offers us mini rallies and sell-offs in the Ethereum price that we can take advantage of in the lower timeframe. And right now, we are in one such rally that seems to be playing out.
In this Ethereum price analysis, we will be doing a top down analysis of the ETH price and what we think the Altcoin might be upto next in the coming days.
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What Now For Ethereum?
The Ethereum price is currently in a mini rally playing out in the lower timeframe. This rally started after the Altcoin found support and bounced off the June 2022 lows.
We believe there is still a possibility for us to see further push to the upside back to the channel highs of around $2,000+ in the coming weeks. And this bullish prediction follows the way an asset price should move within a ranging market.
So in the lower timeframes, we believe the ETH price is still looking bullish for the time being.
What Is Ethereum Doing Right Now?
Well if we zoom into the chart a bit closer, we can clearly see the Ethereum price battling to break through a mid resistance within the larger channel pattern the price is currently trading within.
This mid resistance has been respected over and over again in the past, and right now we are seeing it act like a psycologial level.
For the Ethereum bullish rally to continue on the lower timeframe, we need to see the ETH price breakthrough and close above this psychological level first, and that is still yet to happen!
The more the ETH price keeps on testing this level and keeps on failing to breakthrough, the more likely we might see some kind of quick sell-off before the push back up continues.
However, we are still overall bullish on the Ethereum price for now and believe sooner or later, this rally higher will continue on the lower timeframe.
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