This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Ether, the second-largest cryptocurrency by market capitalization, has been showing bullish signs in the long-term analysis. It has been trading above the psychological price level of $2,000 and the 21-day Simple Moving Average (SMA) since November 22. Currently, it is trading between the range of $2,000 and $2,157. However, there has been strong resistance in the $2,130 to $2,200 range, with buyers being turned away from the recent high four times. If this resistance zone is overcome, Ether is expected to rise to a high of $3,000 per coin. On the other hand, if the bulls fail to defend the $2,000 support and the 21-day SMA, Ether is likely to fall. At the time of writing, one Ethereum is valued at $2,096.60.In terms of technical indicators, key resistance levels for Ether are $1,800 and $2,000, while key support levels are $1,600 and $1,400. When the price of Ether retested the $2,000 support and the 21-day SMA on November 27, the bulls bought the dips. As long as the current support levels hold, there is a possibility of retesting the resistance level and zone. However, long candlestick wicks on the price bars indicate significant selling pressure at higher prices.Looking ahead, Ethereum is expected to rally after retesting the $2,131 level, which has been a major hurdle since November 9. The rejection at this level is attributed to fewer buyers at higher prices. If buyers manage to keep the price above the current high, the upward trend is likely to continue. It is worth noting that Ether retraced after retesting the $2,131 mark on November 24 but found support above the low of $2,047.Please note that this analysis and forecast are the personal opinions of the author and should not be considered as a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their own research before making any investment decisions.