Long-term Analysis of Ethereum Price: Optimistic
Ethereum (ETH) saw a high of $2,447 on December 28 but faced rejection. However, it found support above the 21-day simple moving average and is now rising again, reaching a high of $2,305.50. The buyers are determined to push the altcoin above the resistance levels and aim for the psychological price level of $3,000. On the downside, if the 21-day SMA is breached, Ether may experience a drop.
Analysis of Ethereum Indicators
The price of Ethereum is currently rising above the 21-day simple moving average, which provides support for its upward movement. The altcoin is also experiencing an overbought scenario in the cryptocurrency market, which could potentially lead to a decline.
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?
Since the end of the December 7 rally, Ethereum has been trading within a narrow range between $2,140 and $2,440. Bulls have made two unsuccessful attempts to break above the resistance level at $2,447. If these range thresholds are breached, Ether will establish a trend. Currently, Ethereum has reclaimed the $2,300 resistance level.
Hot Take: Ethereum Continues to Rise
Ethereum’s price has rallied above the 21-day simple moving average multiple times and shows signs of positive performance. With buyers pushing for higher levels and reclaiming key resistance levels like $2,300, Ethereum’s outlook remains optimistic as it aims for new highs and targets the $3,000 mark.
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