Ethereum Price Pushes Ahead And Reaches A High Of $2,700

Jan 12, 2024 at 17:33 // Price
Author
Coin Idol

The price of Ethereum (ETH) has surged as the altcoin has risen above the $2,400 resistance line. Price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bullish

Buyers have broken above the resistance line for the first time and the positive momentum has continued since December 7. The rise reached a high of $2,685 but was halted at the $2,700 resistance zone. The largest altcoin is currently trading at $2,612 after a slight decline. The current rise suggests that Ether is poised for its uptrend as the cryptocurrency falls below its recent high. Ether's brief pullback above the $2,570 support level has come to an end.

Ether is rising and buyers are defending the existing support. If Ether breaks through the $2,700 resistance, it will take another upswing to the $3,000 psychological mark. The altcoin is currently oscillating below the $2,700 resistance level.

Analysis of the Ethereum indicators

The price had been rising because the price bars were previously trapped between the moving average lines. The altcoin has risen to a new high after breaking through the 21-day SMA. The uptrend is indicated by the sloping moving average lines pointing north. The altcoin is also approaching the overbought zone.

Technical indicators:

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

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

ETHUSD_(Daily Chart) – Jan.12.jpg

What is the next direction for Ethereum?

The current rise has stopped above the support level of $2,570 but below the resistance level of $2,700. There have been fewer price changes between $2,570 and $2,700. In anticipation of a positive trend, the largest altcoin is trading in this range. If the current levels are broken, Ether will re-enter the trend.

On January 8, Coinidol.com reported that Ether's market value was $2,229.50; the moving average lines represented the trading and containment boundaries for ETH/USD in the interim. 

ETHUSD_(4-Hour Chart) – Jan. 12.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 the research before investing in funds.

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