Ethereum (ETH) price remains bearish, trapped within a descending parallel channel. But there are still upside possibilities.

After bouncing off the lower boundary of the technical formation at $1,552 in the chart below, the second-largest cryptocurrency by market capitalization may be ready for a strong climb.

That said, while the Relative Strength Index (RSI) is edging north to show rising momentum, the Awesome Oscillators (AO) remain negative with hot red histogram bears. This explains why ETH was tightly bound over the last three days.

Notwithstanding that, the RSI is about to execute a bullish crossover, moving above the signal line (yellow band), which could see the Proof-of-Stake (PoS) token vindicated from underneath the foothold of the bearish channel.

TradingView: ETH/USDT 1-day chartConversely, reduced buyer momentum could see the bears prevail, sending Ethereum below the immediate and crucial $1,552 support level. This level is critical as it coincides with the midline of the chart pattern. In the dire case, ETH could land at the foot of the downtrend at $1,416. Such a move would constitute a 12% slump.

Influence of Bitcoin on Ethereum Price

In the meantime, Ethereum’s price appears to be breaking its correlation with Bitcoin. Barely two weeks ago, the BTC to ETH correlation was 0.94.

Fast forward ten days, the correlation has dropped to 0.41, representing a 56% drop in correlation. This gives ETH holders a chance to decide their own fate, depending on whether and bears show the most resolve.

With ETH’s direction uncertain, why not consider an alternative that has strong growth potential? WSM, a force in the meme coin arena, is creating waves across the meme coin market and is set to close its presale window in 24 hours. Will you miss out on the early entry perks?

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BTC Alternative

WSM is the native asset of the Wall Street Memes project, an exciting ecosystem, and the physical manifestation of the internet’s triumph over rampant capitalism.

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It is an initiative that represents the tokenization of the retail movement against Wall Street’s orchestrated monopoly of financial markets.

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Wall Street Memes has an expansive community of more than one million holders, which you should be among, by the way. This community support has translated into over 40 million daily impressions, with technology innovator and renowned billionaire Elon Musk.

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Once the presale window closes the WSM token will be listed on several tier-one exchanges. This is expected to cause a value surge, giving early entrants a lot of profit. Be one of them, buy WSM using this guide.

The countdown is closing in fast, which means now is the time to act if you want to enjoy the 20X growth potential that analysts anticipate in 2023. This is your last chance before the Initial Exchange Offering (IEO).

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WSM holders can also stake their Wall Street Memes tokens for high Annual percentage Yields (APY). Did you know that this project is among the top three on APY metrics in the meme coin ecosystem? Currently, the APY is 52% with almost 385 million WSM tokens staked so far.

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• Source: https://insidebitcoins.com/news/ethereum-price-prediction-whats-next-for-eth-as-it-tests-correlation-with-bitcoin