Will Ethereum Break Through Key Resistance Levels?
Ethereum (ETH) has managed to hold above the critical support level of $2,000 but is facing challenges in breaking through the $2,280 or $2,300 peak. Let’s take a closer look at the long-term analysis and indicators for Ethereum.
Long-term Analysis: Bullish Outlook
The second-largest cryptocurrency has been attempting to break above the $2,800 resistance in the past 48 hours. Although Ether briefly fell below the 21-day SMA to a low of $2,118, it quickly rebounded as bulls stepped in. Currently, Ether has surpassed the 21-day simple moving average and could potentially reach its previous high of $2,400. If it manages to break above this level, we may see Ether rise to $3,000.
Analysis of Ethereum Indicators
Ether has regained its bullish momentum after crossing above the 21-day simple moving average. Previously, it was stuck between the moving average lines for four days. Now, both the 21-day and 50-day SMAs are trending upwards.
Technical Indicators:
- Key resistance levels – $2,000 and $2,200
- Key support levels – $1,800 and $1,600
What’s Next for Ethereum?
Ether has managed to rally above the $2,200 support level but is currently facing resistance at $2,300. If it can surpass this level along with the $2,400 resistance, analysts believe that Ethereum could potentially reach a high of $3,000 per coin. However, breaking through these resistances remains a challenge for now.
Hot Take: Ethereum Struggles to Break Key Resistance Levels
Ethereum is currently facing hurdles in breaking through the $2,300 and $2,400 resistance levels. While the long-term outlook for Ether remains bullish, it will need to overcome these resistances to reach higher price levels. Keep an eye on Ethereum’s performance as it continues its battle with these key resistance levels.
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