Ethereum Remains Range-Bound as It Dives above $3,300

Ethereum (ETH) Current Statistics

The current price: $3,375.30
Market Capitalization: $406,573,374,791.9
Trading Volume: $28,141,137,039.72
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis December 22, 2024

Ethereum’s (ETH) price has dropped below the moving average lines as it dives above $3,300. The bulls bought the dips and pushed the price back above the 50-day SMA. However, the bears breached the 50-day SMA for the second time and resumed their bearish ascent. Ether price is oscillating below the moving average lines as bulls strive to push it above the 21-day SMA.

Ether will resume upward momentum while above the 21-day SMA support. This will cause the altcoin to revisit its previous high of $4,094. If the bulls fail to break above the moving average lines, Ether will test its present support at $3,000 again. Furthermore, the bulls are likely to defend the current support level of $3,000.

The biggest altcoin will have to trade between $3,000 and $4,094 if the bulls hold the current support. Ether is currently valued at $3,390.

ETH Technical Indicators Reading

Following their slide above the $3,000 support level, Ether price bars are below the moving average lines. On December 20, the candlestick’s long tail pierced the $3,000 support level, indicating significant buying pressure. On the 4-hour chart, the moving average lines form a bearish crossover and slope downward.

Conclusion

On the 4-hour chart, Ether enters a sideways trend as it dives above $3,300. Ether trades above $3,100 but below the 21-day SMA. The 21-day moving average line has withstood the upward rise twice. The crypto signal is range-bound, with the cryptocurrency fluctuating in the middle of the price range.

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