Ethereum Holds above $2,200 as It Approaches an All-Time High

ETH) Current Statistics
The current price: $2,357.78
Market Capitalization: $283,415,838,945
Trading Volume: $7,355,333,870
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis December 10, 2023
The price of Ethereum (ETH) has stabilized below its December 7 high of $2,400 as it approaches an all-time high. On December 6, the bears attempted to break through the $2,200 support level, but buyers purchased the dips.

The bullish momentum has been stalled at the most recent high for the last three days. Buyers have kept Ether above the $2,200 support level and the 21-day SMA. If buyers break past the $2,400 resistance mark, the largest altcoin will reach an all-time high.

However, ETH/USD risks decrease if bears breach below the 21-day SMA.

ETH Technical Indicators Reading
Following the rejection at the most recent high, Ether has retraced above the 21-day SMA on the 4-hour chart. The 21-day SMA support holds as the altcoin begins to surge again. Moving average lines with an upward slope have been below the price bars.

The largest altcoin is trading in the market’s overbought zone.


Conclusion
Ethereum has halted and is trading above the 21-day SMA as it approaches an all-time high. The altcoin is currently trading in a limited range. Doji, or small body uncertain candlesticks, dominate the price activity. When the resistance level of $2,400 is breached, Ether will begin to rise.

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