Ether’s Uptrend Continues And Approaches The $3,000 High

The price of Ethereum (ETH) remains bullish after previously reaching highs of $2,715 and $2,858. Ether price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: optimistic

Today, Ether is trading at $2,922 as we write this article. Buyers are hoping to push the cryptocurrency to the psychological price of $3,000. Buyers continue to push the altcoin to previous highs, giving the bulls the upper hand. If the buyers break the barrier above $2,900, the market will hit a new high of $3,000. 

On the other hand, buyers will lose control of the current rally if the price of the cryptocurrency falls below the $2,700 support. Ether will come under renewed selling pressure and find support above the moving averages.

Analysis of the Ethereum  indicators

Ether's price bars are above the moving average lines as they continue to rise above the current support. The current price movement is slow due to the Doji candlesticks. Meanwhile, Ether has a bullish crossover with the 21-day SMA exceeding the 50-day SMA, allowing traders to place buy orders.

Technical Indicators

Key resistance levels – $2,600 and $2,800

Key support levels – $2,400 and $2,200

What's next for Ethereum?

Ether's uptrend has continued despite early resistance at $2,869. The altcoin fell back above the 21-day SMA on the 4-hour chart but quickly recovered. The largest altcoin has resumed its upward movement.

The price of Ethereum (ETH) has surpassed the previous high of $2,715 and reached a high of $2,858 on February 15, 2024, as reported previously by Coinidol.com.

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.