Is Ethereums Price Rally a Bull Trap? Technical Analysis Reveals Surprising Findings

By Lola Coin Jun 25, 202380Views

Ethereum’s price recently received support at the 200-day moving average and experienced a strong bullish rally, breaking above the 100-day MA. This could be seen as a positive sign for Ethereum’s future prospects, but there is also a risk that it could be a bull trap.

On the daily chart, after a period of correction and a significant downtrend, the price reached the $1.6K level, which coincided with the 200-day moving average and found support. This led to a rapid reversal and an upward trend towards the critical resistance zone at around $2K.

Furthermore, the price has surpassed the 100-day moving average at $1.8K, indicating a bullish bias for Ethereum in the mid-term. However, in order to confirm the presence of a bull market in 2023 and generate sufficient demand, Ethereum’s price still needs to overcome the substantial resistance at the $2K region and consolidate above it.

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