After dropping 70.4% of its value in 2022, Ethereum is optimistic as it holds firmly onto the $1,190 level. The bearish trend remains intact. Ether’s price dropped below the immovable support level of $1,300. It has now been leveled out and constructed a rising wedge design. The $1,300 zone has been rejected multiple times.
At the time of writing this article, ETH was trading at $1,195 down by 0.23% in the last 24 hours. Data suggests that support levels for the second most popular cryptocurrency is at $1,100, $1,050, and $1,000; but a break below the crucial $1,000 could mean a further downward trend. According to the Fibonacci retracement, the recent price drop shows that Ethereum is holding around $1,800. It remains in a bearish trend with major resistance at $1,300 and support at $1,000.
Guy of Coin Bureau believes 2023 could be an exceptional year for Ether. He said the upcoming Ethereum Shanghai upgrade scheduled for Q1 2023 could lead to a bullish trend reversal for ETH. Guy outlined that the unlocking of billions of dollars worth of tokens from smart contracts will attract investors to stake their tokens for a stress-free investment experience. He said when investors see that Ether can be unstacked and easily sold, it could prompt them to stake themselves. As such, Guy believes it could go either way. Moreover, it shouldn’t come as a surprise if Ether was slightly bearish in the short term if there is some selling, that is. He sees the future for Ethereum to be bright.