The price of Ethereum (ETH) falls back and remains above the $2,000 support level. Cryptocurrency price analysis by Coinidol.com.
The price movement is just above the psychological price threshold of $2,000. Buyers are defending the current support level in anticipation of a positive move. The largest altcoin is trading in a limited range between $2,000 and $2,130.
The $2,131 mark has halted the uptrend since November 9. Ether retraced after retesting it on November 24 and found support above the low of $2,047.
Now, ETH appears to be trading in a limited range, which could lead to a breakout or a decline. If the buyers break above the current resistance, Ether will rise to the next resistance at $2,200. If the bears break the 21-day SMA, Ether will drop to the next support at the 50-day SMA or the low at $1,835.
The largest altcoin has survived the bearish momentum twice as the bulls bought the dips below the 21-day SMA. Had the negative momentum continued below the 21-day SMA, the sellers would have gained the upper hand. However, on the 4-hour chart, Ether has retreated between the moving average lines on its recent downturn. This suggests that the market will continue to move within the current trading range.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
Ethereum's price has retraced and regained support above the lower price range. The largest altcoin will maintain its range as long as it stays above the psychological price threshold of $2,000. Ether will perform once the barrier at $2,131 or the support at $2,000 is broken. The decline has paused above the low of $2,047.
Last week Coinidol.com reported that Ether has reached a high of $2,070. According to the price indicators, the market could rise to a high of $2,198, but the altcoin was trading in the overbought zone of the market.
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.