Ethereum Price Analysis: Potential Rise to $2,200
According to market data, Ether is expected to rise to a high of $2,200. Ethereum (ETH) has been trading above the psychological price level of $2,000 and the 21-day SMA since November 22. The most valuable altcoin is currently trading between $2,000 and $2,157.
However, buyers have faced strong resistance in the range of $2,130 to $2,200 four times. If this resistance zone is overcome, Ether could reach a high of $3,000 per coin. On the other hand, if the bulls fail to defend the $2,000 support and the 21-day SMA, Ethereum may experience a decline. As of now, one Ethereum is valued at $2,096.60.
Technical Indicators
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
Ethereum Indicator Analysis
When Ether price retested the $2,000 support and the 21-day SMA on November 27, the bulls bought the dips. As long as the current support levels hold, there is a possibility of retesting the resistance level and zone. However, long candlestick wicks on the price bars indicate significant selling pressure at higher prices.
What’s Next for Ethereum?
Ethereum is likely to rally after retesting the $2,131 level. Buyers have struggled to break through this level since November 9 due to fewer buyers at higher prices. The upward trend will continue if buyers can maintain the price above the current high.
Last week it was reported that the $2,131 mark has halted the uptrend since November 9. Ether retraced after retesting it on November 24 and found support above the low of $2,047.
Hot Take: Potential Rise in Ethereum Price
Based on market data and technical indicators, there is a bullish sentiment for Ethereum. With the possibility of overcoming the resistance zone, Ethereum could reach a high of $2,200 per coin. However, if the support levels are not defended, there may be a decline in price. It will be interesting to see how buyers and sellers react in the coming days and whether Ethereum can maintain its upward momentum.
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