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The 2022 calendar year was horrible for the crypto market and we can not wait to forget all about it. We saw massive losses across the board with BTC losing more than -65% and ETH losing more than -68% of its value this year alone.
Not only that, we saw some of the major players in the crypto industry fold, taking Billions down with them as SEC cracks down on firms suspected of illegal activities.
Well, 2023 is a new beginning, and the question on the mind of everyone is “When Will The Bear Market End?”
In this Ethereum analysis, we will be taking a much larger picture look at the Ethereum price and talking about the key levels we will be keeping an eye on as the year proceeds.
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What Is The Bigger Picture Looking Like For Ethereum?
The Ethereum price has been trading within a Descending Channel Pattern in the weekly timeframe since 2021.
This Descending Channel Pattern has been respected over and over again making it a key factor that can better help us understand what to expect in the year 2023.
Right now Ethereum is testing this Channel Resistance again and struggling to see bullish momentum come in. And unless the bulls can step in decisively to finally push the ETH price above this resistance channel, we might only see history repeat itself as Ethereum sells off again.
So What Now?
The Ethereum 2023 first quarter trend would be decided on “if the ETH price can break through and close above the Channel resistance or not”
If Ethereum breaks through this channel and begins to pick up bullish momentum, there is a very high probability that this might be the Ethereum bearish bottom and the start of a new bull run.
However, if this Descending Channel pattern holds, Ethereum might bleed a bit more before finally finding the bottom of this bearish market.
Final Verdict!
Through Out the first quarter of 2023, our eyes will remain fixed on this Descending Channel pattern in the weekly timeframe. And as far as Ethereum continues to respect and trade within it, we will only look for sell setups to take advantage of in the lower timeframe.
Find out the ETH sell-setup we are currently tracking on the 4-hour timeframe right now ETH Bearish Pressure Continues As Predicted!
However, if the Ethereum bulls can finally push the Altcoin price above this Descending Channel pattern in the weekly timeframe, this could change everything for Ethereum and mean the start of a new bull run for the Altcoin.
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