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

Azeez Mustapha


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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.

Ethereum Hits a New Peak as It Approaches the $3,000 Mark
ETH/USD – Daily Chart

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.

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.

ETHUSD_(4-Hour Chart) – Jan. 12
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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