Ethereum Rebounds But It Fails To Sustain Above $2,280

Ethereum (ETH) Current Statistics
The current price: $2,260.39
Market Capitalization: $271,606,216,334
Trading Volume: $12,931,209,999
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis December 22, 2023
The price of Ethereum (ETH) recovered after falling below the 21-day (SMA) but it failed to sustain above $2,280.The largest altcoin has returned above the psychological price barrier of $2,000 but remains trapped between the moving average lines.

Buyers are seeking to keep the price above the 21-day simple moving average. This will force the altcoin to return to its prior high of $2,400. The cryptocurrency will face resistance at the $2,300 high if it regains its bullish momentum.

On the plus side, if Ether breaks above the $2,300 resistance level, the market will rally above $2,400. Following that, the bullish momentum will extend to highs of $2,500 and $3,000. ETH/USD will be trapped between the moving average lines if buyers are unable to keep the price above the 21-day simple moving average. Ether is currently valued at $2,263.20.

ETH Technical Indicators Reading
Currently, Ether is trapped between the moving average lines, but the cryptocurrency’s price is retesting the 21-day SMA to break through it. The moving average lines are heading north as Ether is starting to rise again. The candlestick on December 18 has a prominent tail, indicating strong purchasing at lower price levels.

Conclusion
Ether is moving sideways on the 4-hour chart but it fails to sustain above $2,280. The price of the altcoin has been fluctuating between $2,150 and $2,400. The increasing tendency is currently being impeded by the $2,260 high. Ether risks dropping if it is rejected at its current high.

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