Ethereum’s Rally Continues, Approaching $2,500 After Brief Pause Below $2,400

Ethereum's Rally Continues, Approaching $2,500 After Brief Pause Below $2,400

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:

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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.

Author – Contributor at | Website

Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.

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