Ethereum Price Rises Again And Overcomes The $2,300 Hurdle

Dec 23, 2023 at 09:19 // Price
Author
Coin Idol

Ethereum (ETH) has held above the critical support level of $2,000 but is struggling to break through the $2,280 or $2,300 peak.

Long-term analysis of the Ethereum price: bullish

The largest altcoin has been trying to break above the $2,800 resistance in the last 48 hours. The recent price action saw Ether fall below the 21-day SMA to a low of $2,118, but the bulls bought the dips. Today, the price of the cryptocurrency surpassed the 21-day simple moving average. Ether will rise if the 21-day SMA support holds. If the first hurdle is cleared, Ether will reach its previous high of $2,400. A break above the $2,400 high, on the other hand, will send Ether to a high of $3,000. At the time of writing, Ether is valued at $2,291.20.

Analysis of the Ethereum  indicators

Ether has regained its bullish momentum after rising above the 21-day simple moving average. The largest altcoin was trapped between the moving average lines for four days. Ether regains its positive momentum. The 21-day and 50-day simple moving averages have moved towards the uptrend.

Technical indicators:

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

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

ETHUSD_(Daily Chart) – Dec.22.jpg

What is the next direction for Ethereum?

Ether has rallied above the $2,200 support level but is approaching the $2,300 and $2,400 resistance levels. Analysts expect the altcoin to reach a high of $3,000 per coin if the current resistances are breached. Resistance at $2,300 is currently limiting the upward movement.

ETHUSD_(4-hour Chart) – Dec.22.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 CoinIdol.com. Readers should do their research before investing in funds.  

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