Ethereum Price Surges 90% in 2023 But Traders Expect Bigger Gains Ahead
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Ethereum (ETH) price increased 90% in 2023 but underperformed expectations and Bitcoin. Traders predict ETH will start playing catch-up soon.
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ETH price broke out from $1,950 resistance level but hasn't accelerated upward move yet. There's little resistance until $3,500, so price could surge 55%.
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ETH dominance is below long-term support at 17%. Despite this, Layer-2 TVL hit all-time high, and weekly RSI is oversold.
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Potential bullish divergence forming on weekly RSI, similar to pattern before 200% ETH price surge in 2020.
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If ETH closes below $1,950 support, price could drop 25% to ascending support trendline around $1,700.