Long-term Analysis of the Ethereum Price: Bullish
The price of Ethereum (ETH) has recently reached the $2,400 resistance level but has since pulled back. However, the altcoin has been showing a positive trend with higher highs and higher lows. It has successfully broken through the $2,400 resistance zone. According to price forecasts, Ethereum is expected to reach a high of $2,495 or even enter the $3,000 price range if it can overcome current resistance levels. Although it is currently in an overbought state, a recovery above $2,500 is possible.
Analysis of the Ethereum Indicators
Ethereum’s price is currently bouncing below the $2,400 hurdle but remains above the 21-day simple moving average (SMA). This suggests that the altcoin will continue to rise. However, if bears break below the 21-day SMA, the current upswing may be halted. Additionally, Ethereum has reached the overbought area of the market.
Technical Indicators:
Key resistance levels: $1,800 and $2,000
Key support levels: $1,600 and $1,400
What’s Next for Ethereum?
Ethereum is currently trading below the $2,400 resistance level but buyers are rallying above the 21-day SMA, which serves as support. The altcoin is currently trading in a tight range between $2,350 and $2,400. If bulls can break above the resistance at $2,400, the uptrend is expected to resume.
Hot Take: Ethereum Price on the Rise
According to cryptocurrency analytics specialists, Ethereum has recently reached as high as $2,251.70. It hit the $2,200 resistance level on December 2 and successfully broke through it the following day. This indicates a positive trend for Ethereum’s price in the near future.
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