ETH price can reach US$2,200
Ethereum managed to stay above US$2,000 for three consecutive days since November 28, 2023. The price managed to break through the US$2,055 resistance zone. This price coincided with the price chart breaking above the main contraction triangle. Interestingly, the price of US$2,055 also coincides with the 50% Fibonacci resistance level.
On the upside, the price faces resistance around US$2,095 or the 76.4% Fibonacci level. The first key resistance is around the US$2,100 level followed by the next resistance located at US$2,120. A clear movement above the US$2,120 level has the opportunity to push the price towards the US$2,200 resistance zone.
However, it should be noted that as of the writing of this article (1/12/23), the RSI indicator shows the number 74.38 which in theory is an overbought signal. Therefore, there is a possibility of a correction first to the level of US$2,075, and continuing the increase after that.
If Ethereum fails to break the US$2,100 resistance, this may signal another decline. Initial support on the downside is at the US$2,055 level. The main support is around US$2,000. A break below US$2,000 would probably result in a further decline to the key support level around US$1,920.
Disclaimer on : Dyor, Nfa
