The price of Ethereum (ETH) has retreated after reaching a high of $2,404 on December 9. Todays price analysis by Coinidol.com.
Long-term analysis of the Ethereum price: bullish
The largest altcoin has reached an overbought market region. Ether price fell above the 21-day SMA and then reversed. Ether is recovering above the moving average lines and preparing for an upward push. The first price target for the largest altcoin is $2,500. Later, sellers will try to stop the rise at $2,500 and then $3,000.
In the meantime, the uptrend is being held back by resistance at $2,400. At the time of writing, Ether is valued at $2,249 and if the bears break below the 21-day SMA, the current rise could come to a halt. The altcoin will first drop to a low above the 50-day SMA, which is comparable to a low of $2,020.
Analysis of the Ethereum indicators
On the daily chart, the price bar has retested the 21-day SMA and bounced off it. This suggests that the altcoin has the potential for further growth and that the current rally will continue. On the 4-hour chart, the upward moving average lines are above the price bars.
Technical indicators:
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
What is the next direction for Ethereum?
Ether is trading above the moving average lines in a positive trend zone. It is currently trading between $2,200 and $2,400. If buyers break above the resistance at $2,400, the uptrend will resume. The price movement is currently stagnating above the $2,200 support. Last week Ether has broken through the $2,400 resistance zone, as Coinidol.com reported. 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.
