Ethereum Is Deeply in the Overbought Zone as It Reaches $2,362

ETH) Current Statistics
The current price: $2,366.53
Market Capitalization: $284,548,128,769
Trading Volume: $14,980,001,648
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis December 8, 2023
The price of Ethereum (ETH) has remained positive, rising above the target price of $2,200 as it reaches $2,362. The crypto’s price is currently making a series of higher highs and higher lows. According to the price forecast, the altcoin will continue to soar to prior highs.

At the time of writing, ETH/USD has achieved a high of $2,362. Meanwhile, an upward candle body retraced and tested the 61.8% Fibonacci retracement line on November 9. The retracement predicts that the market will rise to the Fibonacci extension level of 1.618, or $2,495.85.

ETH Technical Indicators Reading
The moving average lines slope upward, while price bars produce a succession of higher highs and lower lows. Ether is deeply in the market’s overbought zone. On December 6, the altcoin recovered above the 21-day moving average before resuming its upward trajectory.

Conclusion
The largest altcoin maintains its bullish ascent as it reaches $2,362. Buyers expect to push the altcoin up to the $2,500 mark. The altcoin’s upward progress has been limited because it trades in the market’s overbought zone.

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