Ethereum Price Gains Traction After Crossing The $2,400 Level

Ether has gained further momentum after overcoming the first obstacle. ETH price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bullish

The price of Ethereum (ETH) has resumed its uptrend after rising above the moving average lines on November 6. On November 8, the bullish momentum surpassed the initial barrier of $2,400 and reached a high of $2,463. The uptrend has begun, with a series of higher highs and higher lows.

If the current upward momentum continues, the altcoin will rally to its high of $2,700. However, the altcoin will encounter resistance between $2,590 and $2,640. In the meantime, Ether is holding on to its previous highs.

Analysis of the Ethereum  indicators

Ether's price has recovered after rising above the moving average lines. The uptrend will continue as long as the price bars remain above the moving average lines. The moving average lines are pointing north.

Technical indicators:

Key resistance levels – $2,400 and $2,600

Key support levels – $2,200 and $2,000

What is the next direction for Ethereum?

Ether has started a steady rise on the 4-hour chart. The altcoin has reached its historic price of $2,500. Buyers are keen to maintain the bullish momentum above the January 19, 2024 price mark. A break above this mark will send the altcoin above the $2,600 support.

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.