Ethereum is the leading cryptocurrency in the industry, and it became even more popular after the Merge upgrade in 2022. Ethereum is a sustainable and eco-friendly cryptocurrency. That is why many investors are curious about the future potential of ETH.
At the time of writing this post, ETH was trading around $1631, forming higher highs in the short term. The candlesticks are forming in the upper Bollinger Bands with positive RSI and MACD, suggesting an uptrend towards the resistance of $2000. After that, it may retrace back to the level of $1600 and consolidate within the range.
On the weekly timeframe, Ethereum is bullish because it has formed three weekly green candles, but we cannot regard it as long-term bullish until it crosses the level of $2500. Indeed, candlesticks are forming in the upper Bollinger Bands, but it may come down to $1000 in the next few months if ETH does not break the resistance. Know when ETH will break the resistance mentioned above by clicking here
Many experts suggest a volatile year ahead, so Ethereum price will be volatile, and you may get an opportunity to buy ETH at a lower price than $1000. Based on the current pattern, you can invest for the short term.