Today is looking like a great day for Ethereum. It’s forming a green candle on its daily chart, which is a positive sign for its price. Top analysts are saying that now might be the best time to invest in more Ethereum before it takes off.
Some experts even predict that the coin could reach a high of $3,000 when this rally starts. So, the potential for profit is significant.
$ETH: I still think that #Ethereum is 1 of the easiest trades you can take. It consolidated under the 2kish mark for almost 2 years and finally out of that range.
This is going to catch up for sure and I think that ETHUSD goes to $3k in the coming months. pic.twitter.com/ddX8l2s5Ux
— Altcoin Sherpa (@AltcoinSherpa) December 12, 2023
More importantly, the reason for this price growth today is largely positive sentiment within the crypto market. Could we see more consecutive green candles in the days to come? Or will there be a retracement? Keep reading to find out.
Latest Price Movement
Over the past 22 hours, Ethereum (ETH) has been on the rise, surging more than 5.8%. Even in the last seven days, it shows a solid gain of over 3%. And over the last month, ETH has exhibited an impressive growth of 12%, according to CoinMarketCap.
Looking at the chart, Ethereum had an exciting start to the month. After a period of price stability, it made a sharp jump to $2,400 on December 9. Investors who were in early saw massive profits.
However, the rally wasn’t sustained, and the price retraced to $2,136, finding support at this level.
In more recent developments, Ethereum’s chart has been showing some promising green candles, especially since yesterday, December 13. The coin seems to be making its way back to the top and based on its current strength, it may be able to break the previous high at $2,400.
The Ethereum Price Analysis: Bulls Maintain Optimism in Ascending Channel
ETH/USDT is currently riding a wave of bullish momentum, as seen by the ascending channel marked by green dotted lines on the above chart. The bulls have shown resilience in the past few days by stopping the bears’ attempt to break the price below the channel.
This defensive move by the Bulls led to a solid support level at $2158. From here, the coin is now making a robust upward move. The current outlook shows that the bulls could breach this ascending channel.
Adding to this positive outlook are the Simple Moving Averages (SMA) indicators, marked by a yellow line for the 50-day and a red line for the 200-day. Both indicators signal a bullish sentiment and a strong possibility of continued upward movement. Additionally, the RSI indicator is pointing upward and hovering around 60 levels.
