Cryptocurrency prices started the month on a positive note, continuing the momentum from late October. The recent upward momentum in the cryptocurrency market is in line with traders' optimistic sentiment.
The Crypto Fear and Greed Index remained at 72, indicating a "greed" scenario in the market.
Meanwhile, investors are awaiting today's monetary policy decision from the Federal Reserve, which could be a deciding factor for future market activity. After the meeting, markets will be looking to Fed Chairman Jerome Powell, who will hold a press conference today.
Ethereum is considered to be an incredibly innovative technology while also being a great asset to invest in. Crypto analysts are confident of its high growth in the long term, due to both the current growth of the cryptocurrency market and the impending halving of Bitcoin in 2024, and therefore, Ethereum will grow with Bitcoin.
Dmitry Noskov, a well-known analyst from StormGain, shared his predictions regarding Ethereum: "The cryptocurrency market is now on a growth wave that may continue until the end of the year. Ethereum's target before the New Year could be $1,800-$1,900. The asset may also break through the psychological level of $2,000."
Like the market leader, Bitcoin, the price of ETH is showing continued bullish growth.
After a double bottom reversal from the $1,520 support level, the price of the asset is regaining the 50-day and 200-day EMAs. Given this reversal level, the forecast for ETH's movement shows a bullish direction until the end of 2023.
The ETH price trend has reached the upper resistance zone at $1,800. In addition, the rapid recovery shows strong bullish candlesticks, which are in line with the recovery of the overall market.
Currently, the ETH is trading at $1,805.49, with a change of +0.6% during the day. Trading volume for the last 24 hours was $10,852,575,418.
However, the price is showing long-term candles around $1,800, reflecting indecision due to excess overhead supply. Buyers are active at the $1,800 level, increasing the probability of a double-top reversal.
A short-term correction warns of a pullback to retest broken levels.
If Ethereum fails to maintain the bullish momentum with a slight improvement in market conditions, buyers will reinforce the uptrend. A bullish breakout takes prices above $1,800, with a rally that could take the price to $2,000.
On the other hand, a reversal from $1800 could lead to a retest of the 200-day EMA at $1716. Such a reversal could delay the golden cross event.