Long-term analysis of the Ethereum price: bullish
Ethereum (ETH) has been trading above $2,000 since November 22, indicating a positive trend. Currently, Ether is retesting the $2,131 level and if it surpasses this resistance, it is expected to reach a high of $2,200. However, the altcoin is currently in the overbought zone, which may result in resistance above $2,200. If Ether is rejected at this level, it will likely trade between $2,000 and $2,200.
Analysis of the Ethereum indicators
The uptrend of Ether resumed on November 22 as buyers stepped in after a dip. The 21-day SMA has acted as support for the cryptocurrency during its rally. Currently, the price bars are moving back above the moving average lines.
Technical Indicators:
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
What’s next for Ethereum?
Ethereum is likely to reach a high of $2,200. However, further gains beyond this level are uncertain as sellers may emerge and drive prices down. Nevertheless, Ethereum has been steadily climbing upwards since November 20 when it surpassed the psychological price barrier of $2,000 per coin.
Hot Take: Ethereum continues its bullish trend
Ethereum has been maintaining a bullish momentum by trading above the psychological price level of $2,000. With potential resistance at $2,131 and a target high of $2,200, there are positive indications for further upward movement. However, caution should be exercised as the altcoin is currently in the overbought zone and may face resistance above $2,200. Keep an eye on the price action to see if Ethereum can sustain its upward trajectory in the coming days.
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