The price of Ethereum (ETH) has remained in the bullish trend zone after its failure at the overhead resistance of $2,400.
The largest altcoin has maintained its position above the moving average lines. The current upswing will end if the moving average lines are broken. Since December 14, resistance at $2,300 has halted the upward movement. Buyers have failed three times to keep the price above the $2,300 high. Yesterday, Ether fell back above the 21-day SMA but is now resuming its uptrend.
The largest altcoin is currently trading between the 21-day SMA and the resistance level of $2,300. Ether could see a price breakout or breakout if the current price range holds. A breakout would propel Ether to a high of $2,400. On the other hand, a breakout would propel Ether above the 50-day SMA (Simple Moving Average) or the $2,100 support level.At the time of writing, Ether price was trading at $2,282.90.
Ether price has retested the 21-day simple moving average three times as bulls bought declines. The price has dropped below the 21-day SMA on the 4-hour chart but is in between the moving average lines. This suggests that Ether will remain in the range defined by the moving average lines.
Key resistance levels – $2,200 and $2,400
Key support levels – $1,800 and $1,600
Ether is moving sideways on the 4-hour chart. The resistance at $2,300 has stopped the upward movement. ETH/USD can now only be traded between $2,150 and $2,300. Ether has not managed to break through the resistance level of $2,300 since December 14. However, a breakout above the current high is imminent.
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.