Long-term analysis of the Ethereum price: bullish
The price of Ethereum (ETH) reached a high of $2,404 on December 9 but has since retreated. However, Ether is currently recovering above the moving average lines and preparing for an upward push. The first price target for ETH is $2,500, with sellers potentially trying to stop the rise at $3,000.
Resistance at $2,400 is currently holding back the uptrend. If the bears break below the 21-day SMA, the current rise could come to a halt and ETH may drop to around $2,020.
Analysis of the Ethereum indicators
On the daily chart, ETH has retested the 21-day SMA and bounced off it, suggesting further potential for growth and continuation of the current rally. On the 4-hour chart, the upward moving average lines are above the price bars.
Technical indicators:
Key resistance levels: $1,800 and $2,000
Key support levels: $1,600 and $1,400
What is the next direction for Ethereum?
Ether is currently trading between $2,200 and $2,400 in a positive trend zone. If buyers can break above the resistance at $2,400, the uptrend will resume. The price movement is currently stagnating above the $2,200 support level. Last week, Ether broke through the $2,400 resistance zone.
Hot Take: Ethereum’s Price Analysis Points Towards Bullish Momentum
Despite a recent retreat from its all-time high of $2,404 on December 9th, Ethereum (ETH) is showing signs of bullish momentum. With the altcoin recovering above moving average lines and preparing for an upward push, the first price target is set at $2,500. While resistance at $2,400 is currently holding back the uptrend, a break above this level could signal a resumption of the rally. Technical indicators suggest key support levels at $1,600 and $1,400, and a potential drop to $2,020 if the bears break below the 21-day SMA. Overall, Ethereum’s outlook remains positive as it continues to trade in a positive trend zone.
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