Ethereum’s Rise Continues As It Breaks Above The $2,131 Peak

Azeez Mustapha


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ETH) Current Statistics
The current price: $2,176.35
Market Capitalization: $261,690,612,944
Trading Volume: $6,871,411,409
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis December 3, 2023
The price of Ethereum (ETH) has recovered bullish momentum as it breaks above the $2,131 peak. At the time of writing, the largest altcoin had achieved a high of $2,184. Buyers hope to drive Ether up to the $2,200 target price.

Today, ETH/USD is retracing in preparation for an upward advance. Ether is likely to face resistance when it reaches the $2,200 mark. On the downside, if the 21-day SMA support is breached, Ether will fall. Meanwhile, as Ether increases, the bullish trend continues.

Ethereum's Rise Continues As It Breaks Above The $2,131 Peak
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The moving average lines are pointing north, and the 21-day SMA is acting as a support line for the upward movement. The bulls have supported the 21-day SMA as the crypto continued its bullish run. The largest altcoin is currently trading in the overbought zone of the market.

The largest altcoin is approaching the $2,200 mark as it breaks above the $2,131 peak. On December 2, the bulls broke through the barrier at $2,131, marking the continuation of an uptrend. Ether will see resistance as it approaches the $2,200 barrier.

A rally to $3,000 is likely if buyers can break through the $2,200 resistance level.

Ethereum's Rise Continues As It Breaks Above The $2,131 Peak
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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