The Price of Ethereum Approaches $2,400
The price of Ethereum (ETH) is currently trading above the 21-day simple moving average (SMA) and is approaching the previous high of $2,400. Buyers have been attempting to continue the uptrend since December 7, but have been met with resistance at the $2,400 level. After a dip on December 11, Ethereum has started a new rally and is now facing another hurdle at $2,300. At the time of writing, Ether is valued at $2,285.60.
Bullish Long-Term Analysis
The price rise for Ethereum has reached a high of $2,300. A rise above the current support level would push the altcoin even higher. However, if sellers break below the 21-day SMA, it would indicate that the downtrend has resumed. Currently, Ethereum continues to trade between $2,500 and $3,000.
Ethereum Indicators Analysis
On December 11, bears tested the 21-day SMA but were unsuccessful in pushing the price down. Ether recovered and continued its uptrend. As long as the price bars remain above the 21-day SMA and the moving average lines continue to slide upwards, the uptrend is likely to continue.
Technical Indicators:
Key resistance levels: $2,000 and $2,200
Key support levels: $1,800 and $1,600
The Next Direction for Ethereum
Ethereum has held above the moving average lines, indicating potential for further uptrend. The altcoin is currently trading in a range between $2,200 and $2,400. It has remained stable below the high of $2,300. A price increase would drive Ethereum upwards.
Hot Take: Ethereum Continues Uptrend, Approaching Previous High
The price of Ethereum is showing bullish signs as it trades above the 21-day SMA and approaches the previous high of $2,400. Despite facing resistance at $2,300, Ethereum has the potential for further uptrend if it breaks above the current support level. Technical indicators suggest that the uptrend will continue as long as the price bars remain above the 21-day SMA. With key resistance levels at $2,000 and $2,200, and key support levels at $1,800 and $1,600, Ethereum’s next direction is likely to be determined by a price increase.
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