Ethereum Struggles Below $2,131 As There Are Few Buyers

According to market data, Ether is expected to rise to a high of $2,200. Cryptocurrency price analysis by Coinidol.com.

Ethereum price Long-term analysis: Bullish

Ethereum (ETH) has been trading above the psychological price level of $2,000 and the 21-day SMA since November 22. The most valuable altcoin is trading between $2,000 and $2,157.

Nevertheless, buyers have been turned away from the recent high four times. Since November 9, bulls have been facing strong resistance in the $2,130 to $2,200 range. If the resistance zone is overcome, the largest altcoin will rise to a high of $3,000 per coin. Ether, on the other hand, is likely to fall if the bulls fail to defend the $2,000 support and the 21-day SMA. At the time of writing, one Ethereum is valued at $2,096.60.

Technical indicators:

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

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

Ethereum indicator analysis

When Ether price retested the $2,000 support and the 21-day SMA on Nov. 27, the bulls bought the dips. As long as the current support levels hold, the resistance level and zone will be retested. Long candlestick wicks on the price bars show significant selling pressure at higher prices.

What's next for Ethereum?

Ethereum is likely to rally after retesting the $2,131 level. Since November 9, buyers have found it difficult to break through this level. The rejection occurs because there are fewer buyers at higher prices. The upward trend will continue if buyers manage to keep the price above the current high.

Last week Coinidol.com reported that the $2,131 mark has halted the uptrend since November 9. Ether retraced after retesting it on November 24 and found support above the low of $2,047. 

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.