Ethereum Faces Obstacle at $2,100 As Bears Threaten The Crucial Support

Ethereum ETH) Current Statistics
The current price: $2,058.00
Market Capitalization: $247,564,394,961
Trading Volume: $12,972,342,325
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis November 23, 2023
The price of Ethereum (ETH) is currently trading above the $2,000 psychological price barrier as bears threaten the crucial support. The increasing trend has now stalled at the $2,100 high. After reaching a recent high of $2,100, the largest altcoin is currently backtracking.

If Ether fails to break above $2,100, it will most likely be forced to trade in a limited range. On the plus side, ETH/USD is anticipated to reach a high of $2,200. However, if the bullish situation is broken, the market would be forced to meander sideways between $2,000 and $2,100 for a few days.

On November 21, the bears broke through the 21-day SMA and the $2,000 support as bulls purchased the dips. Ether would have seen sustained selling pressure if the negative trend had persisted below the 21-day SMA.

ETH Technical Indicators Reading
On November 21 and 22, bulls and bears battled above the 21-day SMA. The bears pushed Ether below the 21-day simple moving average, but the bulls purchased the dips. The largest altcoin is still in danger of plummeting as it retraces to the downside.

The moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend on November 9.

Conclusion
Ether is trading in the bullish trend zone as bears threaten the crucial support. The obstacle at $2,100 is limiting the altcoin’s upward movement. The cryptocurrency will see a breakout or crash if it stays between the narrow range of $2,000 and $2,100.

Ether will collapse if the bears keep attempting to retest the current $2,000 support level.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing