Ethereum Overcomes Previous Obstacles And Aims For $2,700

Jan 16, 2024 at 11:26 // Price
Coin Idol

Ethereum (ETH) has maintained its upward momentum as it approaches the $2,700 mark and continues to fluctuate below it. Price analysis by

Long-term analysis of the Ethereum price: bullish

Since the market rally on January 8, the bulls have broken through the $2,300 and $2,400 resistance levels. This has resulted in Ether continuing to trade above the moving average lines. On January 12, buyers were pushed back as the altcoin surged to a high of $2,715. Ether has fallen back above the $2,457 support level, indicating a likely further rise.

Today, the largest altcoin is trading at $2,531, continuing its uptrend. If the market breaks through the $2,700 resistance level, Ether will rise to a high of $3,000. However, if the bullish scenario is rejected, the market could continue to fluctuate above the moving average lines while falling below the previous high.

Analysis of the Ethereum  indicators

After the price rally, Ether's price bars remain above the moving average lines. Ether will continue to rise as long as the price bars remain above the moving average lines. On the 4-hour chart, the price bars are trapped between the moving average lines. This indicates that the cryptocurrency is likely to move within a certain range.

Technical indicators:

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

Key support levels – $1,800 and $1,600

ETHUSD_(Daily Chart) – Jan.16.jpg

What is the next direction for Ethereum?

On the 4-hour chart, Ether price tested resistance at $2,700 twice before falling between the moving average lines. The price of the cryptocurrency is now moving between the moving average lines. Ether will trade between the moving average lines and continue its trend once the moving average lines are broken.

ETHUSD_(4-Hour Chart) – Jan. 16.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 the research before investing in funds.

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