Ethereum Hits a New Peak as It Approaches the $3,000 Mark

Ethereum (ETH) Current Statistics
The current price: $2,616.38
Market Capitalization: $311.86B
Trading Volume: $20.9B
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis January 12, 2024
The price of Ethereum (ETH) is again rising as it approaches the $3,000 mark. Ether increased in value to $2,685.90 before declining. Those who purchased at a lower price point contributed to the present upward trend. The initial price increase crossed above the resistance level at $2,300 as well as the 21-day SMA.

The bullish momentum then continued and broke through the $2,400 mark. The resistance level of $2,700 is where the latest rise stopped. If the current resistance at $2,700 is broken, Ether might rise to the psychological price threshold of $3,000.

Today, ETH/USD is trading at $2,596 at the time of writing. The altcoin is now varying below its most recent peak.

ETH Technical Indicators Reading
Following the current price increase, Ether’s price bars are much above the moving average lines. The horizontally sloping moving average lines on the 4-hour chart have started to slope upward as Ether increased in value. Ether is overbought at its most recent top.

Conclusion
ETH/USD has entered a new range as it approaches the $3,000 mark.The coin surged above the resistance level of $2,700. The altcoin struck the resistance level at $2,700 and has since retraced above $2,500 support .

Ether has been trading in the current range between $2,500 and $2,700 for the last 48 hours. When these current levels are breached, the altcoin will trend.

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