Will Bullish Ethereum Record New 2023 Highs?

During the past month, Ethereum (ETH) recorded gains of nearly 15% to currently value at $2,059 at the time of writing, enjoying robust bullish momentum since mid-October. What's next for the mother of all cryptocurrencies?

1 week time frame

ETHUSD - 1 Week Time Frame

Throughout the past three weeks, ETH has grown towards the previous highs that were reached in April, indicating that liquidity is building and retail traders can sell by the resistance level.

This can pay off lucratively if the market was in a bearish condition, however, the price behavior of ETH and other major cryptocurrencies has been vigorously bullish for more than a month.

The area above the indicated equal highs is called the Sell-side Imbalance Buy-side Inefficiency (SIBI), which occurs when there is a gap between the first and fourth candles and hence highlighting that the next move is more favored to be on the buyers' side.

1 day time frame

ETHUSD - 1 Day Time Frame

Looking into ETH's price behavior in the daily time frame, there are other indicators which point to the fact that ETH is set to grow even further.

ETH tested the Order Block (OB) twice - once on November 27th and another on the 28th. In both cases, it managed to close above the OB which indicates that the Order flow is indeed bullish.

4 hour time frame

ETHUSD - 4 Hour Time Frame

Finally, our team of analysts also examined ETH's price activity on the 4-hour time frame, which provides more evidence that the price has formed a bullish structure and a BISI condition.

The price tested this formation and closed above it. Hence, it will be a rejection criterion for buy positions if ETH's price-tag falls under the $1930 mark.