Ethereum Continues Its Upward Trend And Reaches A New High Of $2,300

The price of Ethereum (ETH) rebounds and rises to a high of $2,322 below the moving average lines.

Long-term analysis of the Ethereum price: bearish

The uptrend hits a first barrier at the 50-day SMA and resistance at the high of $2,300.

On the upside, Ethereum will resume an uptrend if buyers push the price above the moving average lines or the $2,400 resistance level. If buyers succeed in doing so, the cryptocurrency will rise to highs between $2,500 and $2,600. In the last price action, Ether rose to a high of $2,715.90. In contrast, the largest altcoin will be forced to trade sideways between $2,180 and $2,300 as buyers fail to push the price above the moving average lines. Ether is now valued at $2,314.50.

Analysis of the Ethereum indicator

The price of  Ether is still below the moving average lines even after it has gained value. The moving average lines are still pointing north as the cryptocurrency continues its uptrend. Nonetheless, the price movement is stagnant due to the presence of doji candlesticks.

Technical indicators:

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

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

What's next for Ethereum?

The largest altcoin has recovered from its previous decline but is still trading between moving average lines. Ether is currently trading in a limited range of $2,180 to $2,300. If Ether rises above the current support line, the altcoin will resume its uptrend. In the meantime, Ether is testing the 50-day SMA to gain bullish momentum.

Coinidol.com reported previously that the current support level of $2,168 corresponds to the historical price level of December 12, 2023. 

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.