The price of Ethereum (ETH) has resumed its uptrend after falling back above the $2,300 support.
Long-term analysis of the Ethereum price: bullish
Ethereum price made a good bounce to the upside on December 28 when it broke through the $2,300 and $2,400 resistance levels to reach a high of $2,447. However, buyers were unable to sustain the positive momentum above the $2,400 mark. The largest altcoin has pulled back above the $2,300 breakout level, suggesting that the cryptocurrency will continue to rise. If Ethereum breaks above the $2,400 resistance, it will reach a new high of $3,000.
On the downside, Ether will trade above the 21-day SMA but below the resistance at $2,440, invalidating the bullish scenario. Moreover, Ether will fall if the bears break below the 21-day SMA or the support at $2,300.
Analysis of the Ethereum indicators
Ether’s price bars are dipping below the 21-day SMA and bouncing above it while trending upwards. The current uptrend is likely to end if the price dips below the 21-day SMA and the downward momentum continues. On the 4-hour chart, the moving average lines are still horizontal.
Technical indicators:
Key resistance levels – $2,200 and $2,400
Key support levels – $1,800 and $1,600
What’s next for Ethereum?
The largest altcoin has continued its positive performance and reclaimed the $2,300 resistance level. The digital asset is now trading above the $2,300 support and is trying to break through the $2,440 resistance. If buyers break through the recent high, the current uptrend will resume.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://coinidol.com/ethereum-reclaims-the-2-300-support-and-targets-its-peak-price/
- :has
- :is
- :not
- $3
- 000
- 1
- 19
- 200
- 2023
- 28
- 29
- 30
- 300
- 400
- 900
- a
- above
- After
- Altcoin
- an
- analysis
- and
- ARE
- AS
- asset
- At
- author
- average
- back
- bars
- BE
- Bears
- before
- below
- Bounce
- Break
- breakout
- breaks
- Broke
- Bullish
- but
- buy
- buyers
- by
- Chart
- COM
- continue
- continued
- continues
- cryptocurrency
- Current
- daily
- dec
- December
- digital
- Digital Asset
- dipping
- do
- downside
- downward
- end
- Endorsement..
- ETH
- Ether
- ethereum
- ethereum (ETH)
- Ethereum Price
- Fall
- Falling
- For
- Forecast
- funds
- good
- High
- Horizontal
- However
- HTTPS
- if
- in
- Indicators
- info
- investing
- IT
- ITS
- jpg
- largest
- Level
- levels
- likely
- lines
- made
- mark
- Momentum
- Moreover
- moving
- moving average
- New
- next
- now
- of
- on
- Opinions
- or
- Peak
- performance
- personal
- plato
- Plato Data Intelligence
- PlatoData
- positive
- price
- price dips
- reach
- readers
- recent
- Recommendation
- research
- Resistance
- resume
- Rise
- s
- scenario
- sell
- should
- SMA
- Still
- support
- support levels
- targets
- that
- The
- their
- this
- Through
- to
- trade
- Trading
- trending
- trying
- unable
- Upside
- uptrend
- upwards
- were
- when
- while
- will
- zephyrnet