Is it Too Late to Buy Ethereum? Crypto Experts Give Their ETH Price Predictions
Ethereum (ETH) remains poised as bulls struggle to break hard resistance at $1,700.
Currently trading at $1,640 - ETH continues to consolidate around the local support level at $1,650.
Tightening Bollinger bands in late December set the stage for an impressive rally into 2023. As ETH continues to chase after Bitcoin's (BTC) strong New Year's performance.
Driven on the back of positive macro sentiment from the US economy, ETH posted a 33% rally across January. Sensational +10% candles on January 12 smashed prices above $1,500.
Waves of volatility have characterised February. ETH has slowly ground-up through two price levels to reach a level of support between $1,600 - $1,650.
Multiple runs against the current ceiling of resistance at $1,700 have been rejected. But local support has held, and ETH is now in the 20th day of consolidation.
Today's chart structure suggests ETH could be heading for another test of $1,700. But be wary, another rejection here could force a breakdown of the lower trend line - a serious downside risk.
Bullish news surrounding the announcement that Genesis and Digital Currency Group have finally reached a preliminary agreement with creditors should help provide pressure to push higher.
Although Coinbase CEO Brian Armstrong's very public response to rumour of an SEC Ethereum staking ban has worried markets.
The recent test of support from the 21 Day SMA at $1,600 has given the upwards trajectory needed to make this happen.
A break above $1,700 (if flipped to support) could see a push up to $1,775. A historic resistance level that trader's might remember from last September. This could act as a leg-up for a bigger target at $1,800.
But if the ceiling at $1,700 holds things could get messy. This would break
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