Long-term Analysis of the Ethereum Price: Bullish
The price of Ethereum (ETH) is currently above the $2,000 support level, with buyers defending this level in anticipation of a positive move. The altcoin is trading within a limited range between $2,000 and $2,130. However, the $2,131 mark has been a resistance level since November 9. Ether retraced after testing this level on November 24 but found support above the low of $2,047. Currently, ETH is trading in a limited range, which could result in a breakout or decline. If buyers break above the resistance, Ether will rise to the next level at $2,200. If bears break the 21-day SMA, Ether will drop to the next support at the 50-day SMA or $1,835.
Ethereum Indicator Analysis
Ether has survived bearish momentum twice as bulls bought dips below the 21-day SMA. On the 4-hour chart, Ether has retreated between moving average lines during its recent downturn. This indicates that the market will continue to move within the current trading range.
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?
Ethereum’s price has retraced and regained support above the lower price range. As long as it stays above $2,000, Ether will maintain its range. The altcoin’s performance will depend on whether it breaks through the barrier at $2,131 or falls below the support at $2,000. The decline has paused above the low of $2,047.
Last week, Ether reached a high of $2,070. According to price indicators, the market could rise to a high of $2,198. However, the altcoin was trading in the overbought zone of the market.
Hot Take: Ethereum Holds Above $2,000 Support Level
The price of Ethereum remains above the $2,000 support level, with buyers defending this key threshold. The altcoin is currently trading within a limited range between $2,000 and $2,130. While there is resistance at $2,131, Ether has found support above the low of $2,047. Technical indicators suggest that Ethereum’s price will continue to move within the current range. Key resistance levels are at $1,800 and $2,000, while key support levels are at $1,600 and $1,400. The next direction for Ethereum will depend on whether it breaks through the resistance or falls below support. Last week, Ether reached a high of $2,070 but was trading in the overbought zone.
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