ETH Price has consolidated
The data shows that in the recent trading sessions, the trading price of ETH has consolidated. The price of ETH had been surging higher until it ended up hitting a stop and it is still in a settled state.
The price chart shows that the trading price of ETH was moving in a higher direction a day earlier. The situation changed in the latest trading session as the bears picked up the pace of selling ETH.
A look at the data shows that a day earlier, the trading price of ETH was moving to a higher level. It had climbed all the way up to a high of $1,264.81 when the bears launched their selling attack.
The bears increased their selling power and they were able to drag the price of ETH to a lower level. Despite the efforts, the bulls were not able to build up enough of a rally to push the asset’s price higher.
As a result, the analysts saw how the momentum had shifted sides and started to support the bears following the recent session.
With the bears increasing their selling power, the trading price of ETH fell all the way down to $1,246.21. The price of ETH experienced a dip in a matter of 24-hours.
Since then, the price of the asset has not lifted much. However, there is still hope that the bulls may once again form a strong rally.
Positive Side for the Bulls
Although the bears have managed to pull the trading price of ETH to a low of $1,246.21, they have not managed to bring it below the $1,230 level.
This was the level, for a long time acted as a highly resistant level for the digital asset. It was extremely difficult for the bulls to cross the particular level.
Finally, the bulls managed to cross as they formed strong rallies since the beginning of 2023.
As the bears have not been able to pull ETH below the particular level, it means that there is still hope for the bulls. They can launch a strong rally and then push the asset’s price higher.
Even now, the trading price of ETH is close to the moving averages, which is also a positive sign. It goes to show that ETH has not lost track and it is still hovering near the moving averages.
If things keep falling in favor of the bulls, then the trading price of ETH may get pushed higher.
Still, the fact cannot be ignored that the bears may also come into action and may pull ETH’s price lower. Let us have a look at some of the factors that may impact the price of ETH in near future.
Ethereum Blockchain Adoption
Since the past couple of months, the adoption level for the Ethereum blockchain has surged tremendously. This is because of the resurgence of the NFT market since the beginning of the last quarter of 2022.
The NFTs are back in business, which is why the Ethereum blockchain’s adoption and traffic have surged tremendously. The more the adoption rate for the Ethereum blockchain, the higher the utility of ETH.
This is going to work as a positive factor for ETH in the upcoming days and months. This will grant the bulls to keep pushing the price of ETH to higher levels.
Solana Blockchain is Gaining Momentum
One of the uncommon negative factors for Ethereum is the rising adoption rate of the Solana blockchain. It is mainly because of the growing adoption rate of the Bonk token, a new meme coin in the market.
Since its inception, the token’s value has surged more than 100% and many users are becoming part of the Solana blockchain because of the token.
If more users keep joining the Solana blockchain, the ETH network will lose its traction, eventually bringing the asset’s price lower.