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