Long-term analysis of the Ethereum price: bullish
Since the market rally on January 8, Ethereum (ETH) has been trading above the moving average lines and has broken through resistance levels at $2,300 and $2,400. On January 12, it reached a high of $2,715 before falling back to the $2,457 support level. Currently, ETH is trading at $2,531 and is likely to continue its uptrend. If it breaks through the $2,700 resistance level, it could rise to $3,000.
Analysis of the Ethereum indicators
Ethereum’s price bars remain above the moving average lines, indicating a continued rise. However, on the 4-hour chart, the price bars are trapped between the moving average lines, suggesting that the cryptocurrency may move within a certain range.
Technical indicators:
Key resistance levels – $2,200 and $2,400
Key support levels – $1,800 and $1,600
What is the next direction for Ethereum?
On the 4-hour chart, Ethereum tested resistance at $2,700 twice before falling between the moving average lines. It is currently moving within this range but will resume its trend once the moving average lines are broken.
Hot Take: Ethereum Continues Bullish Momentum Towards $2,700 Mark
Ethereum (ETH) has maintained its upward momentum and is approaching the $2,700 mark. It has successfully broken through resistance levels and is trading above the moving average lines. If it surpasses the $2,700 resistance level, ETH could reach a new high of $3,000. However, if it fails to break through, it may continue to fluctuate within the range. Technical indicators show key resistance levels at $2,200 and $2,400, and key support levels at $1,800 and $1,600. Overall, Ethereum’s long-term outlook remains bullish.
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