Ethereum price is again heading close to $1100 as the bears jump in action, restricting the upper resistance just below $1200 levels. After a tough brawl between the bulls and the bears, the bulls finally got exhausted paving way for the bears to drag the ETH price lower. Despite the bearish trend prevailing, the possibility of a significant rebound emerges. Therefore, the traders may wait and prevent them from falling into the bearish trap.
Just a couple of moments earlier, the Celsius Network (CEL) price was pumped hard by a short squeeze. The asset surged by more than 110% and despite a minor pullback, the asset maintained its levels above $1. Therefore, a similar squeeze may be set in place to uplift the ETH price beyond $1430 very soon
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Ethereum’s price currently appears to be pretty strong despite the ongoing pullback. As per the price movements suggested in the above chart, the ETH price has dropped back to the crucial support at $1074, back below the trend line. The price is now expected to consolidate finely around these levels, and hold the support tightly. This would more or less resemble a short squeeze which may boost the price above $1400 in a very short time frame.
Therefore, the current descending trend may be only short-lived as a significant upward trajectory appears to be pre-determined. As the Ethereum(ETH) price is displaying a significant sign of strength, the current time may be a good time to accumulate some. Therefore, the asset may squeeze heavily under the trendline with a growth in the volume that indicates the presence of buyers. Considering all the parameters ETH price is due for a significant upswing that may elevate the price above $1500 soon.