Ethereum Surges Ahead as It Regains the $2,400 Peak

Ethereum (ETH) Current Statistics
The current price: $2,414.73
Market Capitalization: $290,249,710,959
Trading Volume: $16,590,051,971
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis December 28, 2023
The price of Ethereum (ETH) has resumed bullish momentum as it regains the $2,400 peak. The bears broke below the 21-day moving average on December 26 to reach a low of $2,182, but the bulls purchased the dips. On the downside, if the negative momentum continues, the altcoin will have gone beyond the 50-day moving average (SMA).

In other words, the current upward trend would have come to a halt.
On December 27, the largest altcoin recovered, rallying above the $2,400 barrier level.Ether dropped after hitting a peak of $2,447. 20.The latest high is providing resistance to the upward movement.

On the plus side, if the current bullish momentum continues, Ether will reach a high of $3,000. Otherwise, the altcoin will revert to its former price range of $2,200 to $2,400. ETH/USD is now valued at $2,418.60 at the time of writing.

ETH Technical Indicators Reading
Following the recent price recovery, Ether has broken above the 21-day moving average (SMA), resuming positive momentum. The price bars have returned above the moving average lines as the altcoin recovers to prior highs.

Meanwhile, Ether is in overbought territory, with penetration difficult at the high of $2,440.

Conclusion
On the 4-hour chart, ETH/USD has been trending sideways after rallying above the upper price range as it regains the $2,400 peak. Ether has been trading between $2,100 and $2,400 in the lower time range. The altcoin has broken through the resistance level, reaching a high of $2,447.

The cryptocurrency is currently trading above the $2,400 support level.

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