The price of Ethereum (ETH) remains in a bullish trend zone after failing to break through the overhead resistance at $2,400.
Long-term analysis of the Ethereum price: bullish
The largest altcoin, Ethereum, has stayed above the moving average lines. If these lines are broken, the current upward movement will end. Since December 14, the $2,300 resistance level has prevented further upward movement. Although buyers have failed three times to keep the price above $2,300, Ether is now resuming its uptrend after falling back above the 21-day SMA.
Ethereum is currently trading between the 21-day SMA and the $2,300 resistance level. If this price range holds, Ether could experience a breakout towards $2,400. Conversely, a breakout below the 50-day SMA or the $2,100 support level would push Ether downwards. As of now, Ether is trading at $2,282.90.
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Analysis of Ethereum indicators
On the 4-hour chart, Ether’s price has tested the 21-day SMA three times as bulls bought declines. Although it dropped below the 21-day SMA, it remains between the moving average lines. This indicates that Ether will likely stay within the range defined by these lines.
Technical indicators:
Key resistance levels - $2,200 and $2,400
Key support levels - $1,800 and $1,600
What’s next for Ethereum?
Ether is currently moving sideways on the 4-hour chart due to resistance at $2,300. It has been unable to break through this level since December 14. However, there is an imminent possibility of a breakout above the current high.
Hot Take: Ethereum’s Bullish Trend
Ethereum continues to show strength in its bullish trend, maintaining its position above key moving average lines. While facing resistance at $2,300, there is potential for a breakout towards $2,400. However, a downside breakout below the $2,100 support level could change the direction of Ether’s price. Keep an eye on the technical indicators and price movements to gauge the next move for Ethereum.
