Ethereum Fails to Re-Establish a Bullish Trend above $2,200

Ethereum (ETH) Current Statistics
The current price: $2,282.83
Market Capitalization: $274,579,031,195
Trading Volume: $6,860,693,131
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis December 31, 2023
The price of Ethereum (ETH) has dipped above the 21-day moving average line as it fails to re-establish a bullish trend above $2,200. Buyers have failed twice to re-establish a bullish trend above the $2,400 resistance level.

Ether was pulled back twice at the $2,300 resistance level in a comparable price action. Ether is now valued $2,228 at the time of writing. The largest altcoin is retracing as it approaches the 21-day moving average line. If the bears breach the 21-day SMA, the drop will extend above the 50-day SMA, or $2,165 low.

Furthermore, if the crypto price falls below the moving average lines, the market will continue to fall above the $2,045 low. If the slide is halted above the 21-day SMA, ETH/USD will remain range-bound between the 21-day SMA and the $2,400 resistance.

ETH Technical Indicators Reading
The price bars of Ether have retraced above the 21-day moving average (SMA). The bottom line is that as long as the current support holds, the sideways trend will restart above the moving average lines. The price bars on the 4-hour chart are currently below the horizontal sloping moving average lines.

Conclusion
The price of Ethereum has risen above the moving average lines as it fails to re-establish a bullish trend above $2,200. Since the December 7 rise, the largest altcoin has been trading in a range between $2,165 and $2,400. Neither the bulls nor the bears have broken out of the range.

The cryptocurrency has remained constant between range-bound levels.

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