Price of Ethereum Resumes Uptrend Above $2,300 Support
The price of Ethereum (ETH) is back on an upward trajectory after bouncing above the $2,300 support level.
Long-term Analysis: Bullish
Ethereum experienced a significant bounce on December 28, surpassing resistance levels at $2,300 and $2,400 to reach a high of $2,447. Although the positive momentum couldn’t be sustained above $2,400, the altcoin has pulled back above the breakout level at $2,300. This suggests that Ethereum will likely continue to rise and potentially reach a new high of $3,000 if it breaks above the $2,400 resistance.
On the downside, a drop below the 21-day SMA or the support at $2,300 would invalidate the bullish scenario and could lead to a fall in Ether’s price.
Analysis of Ethereum Indicators
Ether’s price bars are currently dipping below and bouncing above the 21-day SMA as it trends upwards. If the price dips below the 21-day SMA and maintains downward momentum, it could signal an end to the current uptrend. The moving average lines on the 4-hour chart are still horizontal.
Technical Indicators
Key resistance levels for Ethereum are at $2,200 and $2,400. Key support levels are at $1,800 and $1,600.
What’s Next for Ethereum?
Ethereum continues to perform well and has reclaimed the $2,300 resistance level. It is currently trading above this support level and attempting to break through the $2,440 resistance. If buyers are successful in surpassing this recent high, the current uptrend is expected to resume.
Hot Take: Ethereum’s Uptrend on Track
The price of Ethereum has shown resilience by bouncing back above the $2,300 support level. With a bullish long-term analysis and indicators pointing towards an upward trend, Ethereum has the potential to reach new highs, especially if it breaks through the $2,400 resistance. Keep an eye on key support and resistance levels to gauge the cryptocurrency’s future performance.
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