Ethereum Price Analysis: ETH Price Secretly Rising to These Levels in February 2023

• Ethereum price is trading almost flat without letting of signals of its impending move regardless of the direction.
• The current trade setup indicates the price may drop notably by 5%to 6% which may trigger a massive upswing before the weekend.
• Ethereum’s price has been trading flat for the past few days and is expected to reach $1800 by the end of February 2023.

Current Trading Setup

Ethereum’s current trade setup indicates that the price may drop notably by 5%to 6%, which will likely trigger a massive upswing before the weekend. The ETH price retraced following a corrective wave ever since bearish divergence was spotted following a 50% upswing during the first fortnight of 2023. Despite mounted bullish pressure, it is possible that ETH will witness a minor bearish action that could push its price below $1500 in coming days.

Trading View

ETH is currently trading within an ascending triangle, indicating it could range toward resistance despite any bearish actions that may occur. The MACD is trading within positive levels, suggesting there could be a bullish breakout beyond $1720. In case of a bearish scenario, ETH would drop below the lower trend line but also rebound quickly to reclaim lost levels within the triangle. Over the past 7 days, ETH has leaped long and gained growth over 5.5%. This bullish momentum should help maintain an ascending consolidation until bulls take back upswing soon.

Market Sentiment

Judging from market sentiment, Ethereum’s current trade setup appears to be bullish and could reach beyond $1800 by the end of February 2023. The second-largest token has grown significantly over recent weeks and with continued momentum, it should continue rising until bulls take back control soon.

Conclusion

Overall, Ethereum’s current trade setup looks promising and suggests there could be a significant rise in ETH prices before February ends. Bulls have maintained significant control over recent weeks and with continued positive market sentiment this should continue for some time yet before bears make their presence felt again.