Ethereum's price recently found support from the 200-day moving average and then rallied strongly above its 100-day moving average. This could be a positive indicator for Ethereum's medium-term prospects, but it also risks a bull trap.

The price reached as high as $1,600 after a correction period and a significant downtrend. Significant buying pressure at this level triggered a rapid reversal and showed the price trending higher towards the critical resistance zone, around $2,000.
Further, the price surpasses the 100-day moving average at $1,800, confirming Ethereum's bullish trend in the medium-term. However, to confirm the existence of a bull market in 2023 and restore sufficient demand to the market, Ethereum surpasses key resistance in the $2,000 region and consolidates above it. required.
The price of Ethereum, as mentioned earlier, has experienced a medium-term correction phase after reaching its yearly high of $2,100.
We see the price finding support on the bearish retracement leg and reversing at the 61.8% retracement level, which is a generally observed target. Pressure in this critical range resulted in a strong uptrend towards the $2,000 region.
If the price successfully breaks the important resistance around $2,000, it will pave the way for a medium-term uptrend as this level is psychologically important. However, before making the next move of Ethereum, it is important to pay attention to the slight bearish trend between the price and the RSI indicator and consider the possibility of a short-term consolidation.
Ethereum has been consolidating below the $2,000 level for the past few months. The uncertainty seen in the price chart is also reflected in the futures market sentiment.
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