Ethereum Price Believed to Surge Above $1500 Soon Amidst Bearish Narrative

The Ethereum price is currently attempting to form a short-term bottom as the prices are chopping around. The price has been trading below the pivotal MA levels for some time, which may further solidify the base for the asset to clinch the higher highs. Until then, the ETH price is expected to trade sideways to prevent a steep descending trend from reaching the lower support. 

As the monthly close is approaching very fast, the ETH price may remain largely unaffected and continue to trade flat. However, the beginning of the new quarter may induce some volatility that may uplift the price beyond $1500 in the upcoming couple of weeks. 

A popular analyst believes that the ETH price can still make it above $1500 once the price slices through the 20 & 50 MA levels. 

However, the ETH price continues to trade within a decisive symmetrical triangle, maintaining an equal distance from the resistance and the support levels. Hence, the price is expected to experience equal buying and selling pressure for a while until it reaches the apex of the triangle. If the bulls fail to uplift the price, Ethereum may witness a notable drop below $1250, which may certainly lower the upper targets for 2022. 

Conversely, the number of new ETH addresses created per day underwent a massive plunge in the past 24 hours, dropping by more than 50%. The steep decline usually indicates a steep drop in prices as well. Therefore, the Ethereum(ETH) prices may be heading towards an interim pullback below $1300, where-in the bulls may quickly take over the rally later.