Ethereum Pauses Below $2,400 And Resumes Its Rally To $2,500

Dec 08, 2023 at 13:23 // Price
Coin Idol
Ether has broken through the $2,400 resistance zone

The latest price analysis by report, the Ethereum (ETH) price has risen to the $2,400 resistance level but then pulled back.

Long-term analysis of the Ethereum price: Bullish

The altcoin has recorded a series of higher highs and higher lows. Ether has broken through the $2,400 resistance zone. Nonetheless, the positive trend has returned as the price of the cryptocurrency retests the $2,400 mark. According to the price forecast, Ether will reach a high of $2,495 or the 1.618 Fibonacci extension. The altcoin is in an overbought state as it remains below the $2,400 high. However, if the bulls can break through the current resistance levels, a recovery above $2,500 is possible. Once this hurdle is overcome, Ether will resume its upward momentum. It is predicted that the largest altcoin will re-enter the $3,000 price range.

Analysis of the Ethereum  indicators

The price of the cryptocurrency is bouncing below the $2,400 hurdle but is above the 21-day simple moving average. Ether is currently trading above the 21-day simple moving average, suggesting that the altcoin will continue to rise. However, the current upswing will be halted if the bears break below the 21-day SMA. The altcoin has reached the overbought area of the market.

ETHUSD_(Daily Chart) – Dec.08.23.jpg

Technical indicators:

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

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

What's next for Ethereum?

The largest altcoin is currently trading below the $2,400 resistance level. Buyers are rallying above the 21-day SMA or the current support and Ethereum is trading in a tight range between $2,350 and $2,400. Once the bulls break above the resistance at $2,400, the uptrend will resume.

ETHUSD_(4 Hour Chart) – Dec.08.23.jpg

On December 4, 2023 cryptocurrency analytics specialists of stated that the largest altcoin has risen to as high as $2,251.70 at the time of writing. The price of the cryptocurrency hit the $2,200 resistance level on December 2 and broke through it the next day. 

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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