Ethereum’s Rising Trend Faces Another Hurdle at $2,300

ETH) Current Statistics
The current price: $2,315.57
Market Capitalization: $278,305,401,742
Trading Volume: $12,604,628,584
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis December 14, 2023
The price of Ethereum (ETH) has returned above the 21-day simple moving average (SMA) as it faces another hurdle at $2,300. The largest altcoin rose to a high of $2,404 on the December 9 uptrend but was unable to maintain the bullish momentum above the recent high.

Buyers hope to drive the cryptocurrency back up to its prior highs of $2,500 and $3,000. The resistance at $2,400 stopped the bullish scenario. ETH/USD plummeted to a low of $2,137 as bulls bought dips. The recovery above the 21-day SMA has been gradual throughout the last week.

The upward corrective is being tested again near the high of $2,300. At the time of writing, Ether is trading at $2,289.20.

ETH Technical Indicators Reading
The price bars are above the moving average lines that are rising upwards. The price bars bounced above the 21-day SMA, resulting in the cryptocurrency’s bullish ascension. Ether is trading in the market’s overbought zone, as buyers struggle to hold the price above $2,400.

Conclusion
Ethereum has been trading in the $2,150 to $2,400 price range as it faces another hurdle at $2,300. The cryptocurrency was rising to retest or break the $2,400 barrier level for the second time. However, the rising trend is being met with another rejection at the high of $2,300.

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