Chinese miner predicts Ethereum will lead 2023 bull run as ETH trades at $1,300


  • Ethereum price has risen after a strong consolidation and anticipates a retest of $1,350 and higher levels.
  • Chinese ETH miner Jiang Zhuoer anticipates that ETH will permanently break out of its current range and start a bull run from March to May 2023.
  • The invalidation of the bullish outlook will occur if the smart contract token breaches the support level of $1,215.

The price of Ethereum has been consolidating since January 3 and has finally triggered an explosive move higher. While this move is a bullish development from a technical standpoint, Chinese miner Jiang Zhouer says that the long-term ETH consolidation that has been ongoing since June 2022 will end soon.

He added that this range tightening will end in March and May 2023, after which the Ethereum price will permanently leave this area and begin a bullish rally. He fixed,

ETH will be the leader of the next round of the bull market and will start rising before BTC. I predict that 2-4 months later (i.e. March to May 2023), ETH will start to rise and break away from the current lower range permanently.

Ethereum price takes off

The Ethereum price was consolidating in a channel for about three weeksas of December 16, 2022. However, the breakout on January 6 provided fuel for marginalized ETH buyers to launch a buying spree.

As a result, the Ethereum price has rose almost 5% so far and expect a push to collect liquidity resting above the equal highs at $1,350. Clearing this hurdle will allow ETH to retest $1,375, which is the midpoint of the wider range, stretching from $1,679 to $1,071, formed after the 36% drop in early November 2022.

Breaking through the $1,375 barrier will be crucial for Ethereum price to mark the 62% retracement level at $1,448 and the 70.5% retracement level at $1,500.

While these targets may seem attractive to bulls, investors should keep in mind that it is only possible if Ethereum price manages to clear the $1,375 hurdle first.

ETH/USDT 4-hour chart

ETH/USDT 4-hour chart

On the other hand, if the Ethereum price fails to sustain this recent spike in buyer interest, it is likely to retrace its move. If ETH slides into the parallel channel, it will be the first sign of weakness.

An increase in selling pressure pushing Ethereum price to produce a four-hour candle close below $1,215 will invalidate the bullish thesis. In such a case, ETH will likely slide 5% and sweep liquidity resting below the equal lows at t$1,150.