The latest price analysis by Coinidol.com report, the Ethereum (ETH) price has risen to the $2,400 resistance level but then pulled back.
Long-term analysis of the Ethereum price: Bullish
The altcoin has recorded a series of higher highs and higher lows. Ether has broken through the $2,400 resistance zone. Nonetheless, the positive trend has returned as the price of the cryptocurrency retests the $2,400 mark. According to the price forecast, Ether will reach a high of $2,495 or the 1.618 Fibonacci extension. The altcoin is in an overbought state as it remains below the $2,400 high. However, if the bulls can break through the current resistance levels, a recovery above $2,500 is possible. Once this hurdle is overcome, Ether will resume its upward momentum. It is predicted that the largest altcoin will re-enter the $3,000 price range.
Analysis of the Ethereum indicators
The price of the cryptocurrency is bouncing below the $2,400 hurdle but is above the 21-day simple moving average. Ether is currently trading above the 21-day simple moving average, suggesting that the altcoin will continue to rise. However, the current upswing will be halted if the bears break below the 21-day SMA. The altcoin has reached the overbought area of the market.
Technical indicators:
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
What’s next for Ethereum?
The largest altcoin is currently trading below the $2,400 resistance level. Buyers are rallying above the 21-day SMA or the current support and Ethereum is trading in a tight range between $2,350 and $2,400. Once the bulls break above the resistance at $2,400, the uptrend will resume.
On December 4, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the largest altcoin has risen to as high as $2,251.70 at the time of writing. The price of the cryptocurrency hit the $2,200 resistance level on December 2 and broke through it the next day.Â
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.
