Price of Ethereum (ETH) Rebounds to $2,322
The price of Ethereum (ETH) has rebounded and reached a high of $2,322 below the moving average lines.
Long-term Analysis: Bearish
The uptrend of Ethereum faces resistance at the 50-day SMA and the $2,300 level.
If buyers can push the price above the moving average lines or the $2,400 resistance level, Ethereum will resume its uptrend and reach highs between $2,500 and $2,600. However, if buyers fail to do so, Ether will trade sideways between $2,180 and $2,300.
Analysis of Ethereum Indicator
Although the price of Ether has increased, it remains below the moving average lines. The presence of doji candlesticks has caused stagnant price movement.
Technical Indicators
Key resistance levels for Ethereum are $2,200 and $2,400, while key support levels are $1,800 and $1,600.
What’s Next for Ethereum?
Ethereum is currently trading within a limited range of $2,180 to $2,300. If it surpasses the current support line, it will resume its uptrend. The altcoin is also testing the 50-day SMA for bullish momentum.
In a previous report by Coinidol, it was noted that the current support level of $2,168 corresponds to a historical price level from December 12, 2023.
Hot Take: Ethereum’s Recovery
Ethereum has experienced a rebound in its price and is showing signs of recovery. Although it still faces resistance, there is potential for further upside movement if key levels are surpassed. Traders and investors should closely monitor the price action and technical indicators to make informed decisions.
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