Ethereum Reclaims The $2,300 Support And Targets Its Peak Price

Dec 30, 2023 at 21:34 // Price
Coin Idol

The price of Ethereum (ETH) has resumed its uptrend after falling back above the $2,300 support.

Long-term analysis of the Ethereum price: bullish

Ethereum price made a good bounce to the upside on December 28 when it broke through the $2,300 and $2,400 resistance levels to reach a high of $2,447. However, buyers were unable to sustain the positive momentum above the $2,400 mark. The largest altcoin has pulled back above the $2,300 breakout level, suggesting that the cryptocurrency will continue to rise. If Ethereum breaks above the $2,400 resistance, it will reach a new high of $3,000. 

On the downside, Ether will trade above the 21-day SMA but below the resistance at $2,440, invalidating the bullish scenario. Moreover, Ether will fall if the bears break below the 21-day SMA or the support at $2,300.

Analysis of the Ethereum  indicators

Ether's price bars are dipping below the 21-day SMA and bouncing above it while trending upwards. The current uptrend is likely to end if the price dips below the 21-day SMA and the downward momentum continues. On the 4-hour chart, the moving average lines are still horizontal.

Technical indicators:

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

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

ETHUSD_(Daily Chart) – Dec.29 (1).jpg

What's next for Ethereum?

The largest altcoin has continued its positive performance and reclaimed the $2,300 resistance level. The digital asset is now trading above the $2,300 support and is trying to break through the $2,440 resistance. If buyers break through the recent high, the current uptrend will resume.

ETHUSD_(4-Hour Chart) – Dec.29 (1).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 Readers should do their research before investing in funds.

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