Ethereum Struggles Below $2,131 And Aims For The Highest Price
Ethereum (ETH) has been trading above the psychological price barrier of $2,000 since November 22.
Long-term analysis of the Ethereum price: bullish
Ethereum coin is gradually rising and retesting the $2,131 level. Once buyers overcome the resistance at $2,131, Ether will reach a high of $2,200. At the time of writing, Ether has reached a high of $2,070.
According to the price indicators, the market will rise to a high of $2,198. However, the altcoin is trading in the overbought zone of the market. The current uptrend is expected to face resistance above the high of $2,200 as the market is considered overbought. If the altcoin is rejected at its recent high, it will trade between $2,000 and $2,200.
Analysis of the Ethereum indicators
On November 22, Ether resumed its uptrend as the bulls bought the dips after the bears fell below the 21-day SMA. The 21-day SMA has acted as support for the cryptocurrency as it has rallied. Ether continues to rise as the price bars move back above the moving average lines.
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 will most likely reach a high of $2,200. However, further gains above the $2,200 high are uncertain. At a high of $2,200, sellers will emerge and drive prices down. In the meantime, the largest altcoin has been slowly climbing upwards.
On November 20, Ether has risen above the psychological price barrier of $2,000 per coin.
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.