Ethereum (ETHUSD) Recovers Amid Rising Demand

Ethereum (ETHUSD) Price Forecast: December 27

The ETHUSD pair recovers amid rising demand and advances, prompting crypto buyers to stir the market. The coin recovered from a low of $2,950.00 to a high of $2,984.44 in the past 24 hours, echoing the frenzy among market participants. The pair may continue to grow, driving the price to surge above the $3,398.00 peak barrier level, potentially leading the cryptocurrency towards the $3,435.61 upper high level, bolstering the flagship coin’s price movement.

Key Levels:
Resistance Levels: $2,984.00 $2,985.00, $2,986.00
Support Levels:    $2,790.00, $2,789.00, $2,788.00

ETH (USD) Long-term Trend: Bullish (4H Chart)

ETHUSD pair remains bullish as it recovers amid rising demand on the higher time frames.
This is clear as we can see the prices trading above the EMA-50, recovering, and may surge above the overhead supply level soon.

The bullish reversal at the $2,902.34 high value in the last session has sustained the crypto above the trend line in its recent high.

Today, the Ethereum price recovered amid rising demand and found a reliable resistance around $2,984.44 above the moving average, resulting in intraday gains.

Hence, staying above the critical level indicates a strong possibility for a bullish correction.

Hence, if a renewed surge in the cryptocurrency buyer’s interest occurs, the price could surpass the $3,398.00 high level, potentially leading the crypto towards the overhead range.

Additionally, the ETHUSD price indicates an uptrend on the daily stochastic, suggesting a further increase in the asset price.

As a result, the bulls may drive the price to an upper resistance level of $3,500.00, as the crypto recovers amid rising demand.

ETH (USD) Short-term Trend: Bullish (1H Chart)

Upward pressure still dominates the ETHUSD pair as it recovers amid rising demand on the medium-term outlook.

The Ethereum price is moving towards the overhead above the moving averages with huge volumes from the bulls.

Thus, the recent market structure may drive the crypto’s price to surge above the overhead resistance trend lines soon.

Due to price rejection at the $2,952.45 high mark in the previous action, buyers pushed the Ethereum price higher amid rising demand to a $2,984.44 supply level above the EMA-50, as the 1-hourly session opens today.

Actions from buyers may increase the crypto price to reach the $3,075.84 peak barrier if all support holds as it journeys north.

Likewise, future gains are possible if the bulls put extra effort into the price action.

Additionally, the momentum indicator pointing upwards suggests the continuation of the bullish trend.

Hence, the price of Ethereum may surge to the $3,400.00 upper supply value shortly in its lower time forecast.

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