Ethereum Struggles Below $2,131 And Aims For The Highest Price

Nov 24, 2023 at 12:36 // Price
Coin Idol

Ethereum (ETH) has been trading above the psychological price barrier of $2,000 since November 22.

Long-term analysis of the Ethereum price: bullish

Ethereum coin is gradually rising and retesting the $2,131 level. Once buyers overcome the resistance at $2,131, Ether will reach a high of $2,200. At the time of writing, Ether has reached a high of $2,070.

According to the price indicators, the market will rise to a high of $2,198. However, the altcoin is trading in the overbought zone of the market. The current uptrend is expected to face resistance above the high of $2,200 as the market is considered overbought. If the altcoin is rejected at its recent high, it will trade between $2,000 and $2,200.

Analysis of the Ethereum  indicators

On November 22, Ether resumed its uptrend as the bulls bought the dips after the bears fell below the 21-day SMA. The 21-day SMA has acted as support for the cryptocurrency as it has rallied. Ether continues to rise as the price bars move back above the moving average lines.

Technical Indicators:

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

ETHUSD_(Daily Chart) – NOV.24 (1).jpg

What's next for Ethereum?

The largest altcoin will most likely reach a high of $2,200. However, further gains above the $2,200 high are uncertain. At a high of $2,200, sellers will emerge and drive prices down. In the meantime, the largest altcoin has been slowly climbing upwards.

On November 20, Ether has risen above the psychological price barrier of $2,000 per coin.  

ETHUSD_(4 hour Chart) – NOV. 24 (1).jpg

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 Readers should do their research before investing in funds.

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