Ethereum's price has seen a 1.10% increase over the past 24 hours to $1,894.12 according to the provided data. While a relatively small daily move, this continues the altcoin's upwards momentum over the past week.

Brief Overview of Recent Ethereum Price Action

• Ethereum's price is up 1.43% over the past 7 days
• Trading volume over the past 24 hours is $6.2 billion
• Market capitalization stands at $227.7 billion
• There are 120 million ETH in circulation out of a maximum supply of 127 million

Ethereum has been consolidating around the $1,800 level after rebounding from lows below $1,700 earlier this month. Buyers have remained active on dips, helping provide a floor. However, upside has been limited as Ethereum struggles with overhead resistance.

Ethereum Price Analysis and Opinion

Examining Ethereum's daily chart, we can see the cryptocurrency continuing to put in higher lows as it trends upwards. This demonstrates sustained buying interest. However, the altcoin has struggled to break above $2,000 on several occasions as sellers emerge.

The 50-day moving average is trending above the 200-day MA, indicating a bullish posture overall. However, the 50-day MA may act as resistance on approaches.

Oscillators like the RSI are in neutral territory, suggesting some consolidation may occur before Ethereum can mount a decisive breakout. My bias is bullish, but I would wait for a move above $2,000 before expecting significant continuation higher.

Will Ethereum's Bull Run Continue in 2023?

Ethereum has been in a macro bull market for most of 2023 thus far. However, the powerful rally seen in the first half of the year has given way to consolidation. This leads to questions around whether ETH can resume its uptrend or if a deeper correction may materialize.

There are several factors supporting Ethereum's continued rise this year. The long-awaited Merge upgrade was completed in 2022, transitioning ETH to a more energy efficient and scalable proof-of-stake network. This removes uncertainty and improves sentiment.

Additionally, Ethereum remains the leader in decentralized applications and DeFi. Its first mover advantage in this space gives ETH utility and strength. As adoption of Web3 technologies accelerates, demand for Ethereum may continue growing.

However, risks exist as well. Competition from alternative Layer 1 blockchains like Solana and Cardano may erode Ethereum's market share over time. And in the shorter-term, macroeconomic challenges like rising interest rates may weigh on risky assets.

But overall, Ethereum's sound fundamentals and role as the market leader lead me to believe its bull run still has room to continue. I expect more upside this year barring any major reversals in the economy and crypto sector.

What Price Levels Should ETH Bulls Target Next?

In the near-term, Ethereum bulls are likely to target a retest of the psychological $2,000 level. Beyond that, the June high around $2,150 would be the next target.

If Ethereum can decisively break above $2,150, it would likely confirm the bull trend is resuming with momentum. This could open the door to a climb back towards the 2022 high near $2,450.

However, ETH needs to maintain support at $1,730 to keep the bull case intact. A break below this level would negate the series of higher lows and indicate increased selling pressure.

Ethereum holders should watch for a move above $2,000 - $2,150 to signal continuation higher is likely. Closing below $1,730 meanwhile would likely lead to a deeper correction. Patience is warranted until ETH picks a clear direction.