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The leading smart contract platform, Ethereum (ETH), was one of the most notably low performers of 2023 with only a 90% price increase. The price of ETH has risen since it fell to $881 in June 2022. During the rise, the price could not break out of the high range several times, except for a deviation in April 2023.
Accumulation Phase in ETH
This breakout was significant as the mentioned region has intermittently served as support and resistance since 2021. In November, the price of ETH finally started to rise, but the increase did not significantly accelerate. The Relative Strength Index (RSI) is a momentum indicator used by investors to assess whether a market is overbought or oversold and whether a token is being accumulated or sold off.
Readings above 50 and an upward trend indicate that bulls are still at an advantage, while readings below 50 suggest the opposite. In the previous cycle, the RSI’s move towards the overbought zone was a catalyst for the acceleration of the upward movement. Crypto analysts at X remain optimistic about Ethereum’s future despite its underperformance so far. Trader Mayne believes that ETH will soon start to close the gap, stating:
BTC will go to 48-50 thousand dollars, then disperse. After that, ETH rose to 3400 dollars, and ETH betas faced each other. That’s when you start to mock.
Expert Opinion on Ethereum
CryptoMichNL suggests that the ETH price will soon bottom out against BTC. He also noted that the majority of the first quarter has been bullish for the pair. Lastly, CrediBULL Crypto is bullish in the short term and indicates that the price will soon form a higher low and accelerate its rise. Ethereum dominance is below the long-term support level of 17%. This is critically important as it has served as resistance and support since 2021, except for the deviation in June. While the price has dropped slightly below the support zone, it has not yet reached a weekly close below this level.
