The price of Ethereum (ETH) rose sharply on December 3 and exceeded the price target of USD 2,200. ETH price analysis by Coinidol.com.
Long-term analysis of the Ethereum price: bullish
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. The largest altcoin has the advantage of continuing to rise to previous highs. According to the price indication, the next target price level will be the high of $2,500.
A retraced candlestick body tested the 61.8% Fibonacci retracement level of the November 10 rally. The retracement suggests that Ether will rise to the 1.618 Fibonacci extension or $2,495.85. At the time of writing, the altcoin is approaching a high of $2,300.
Analysis of the Ethereum indicators
The moving average lines on the 4-hour chart are rising upwards while the price bars remain above them. Ether will continue to rise if the price bounces above them. This indicates the rising movement of the cryptocurrency. The current uptrend has broken above the overbought zone of the market.
Technical indicators:
Key resistance levels – $1,800 and $2,000
Important support levels – $1,600 and $1,400
What’s next for Ethereum?
The largest altcoin has reclaimed the $2,200 high and is on its way to the $2,500 high. The altcoin was previously overbought, but the current bullish momentum has broken through the $2,200 resistance level. Ether is expected to reach the price levels of $2,500 and $3,000.
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.Â
