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Ethereum Sets New Yearly Price Record – How High Can It Go?

Trading and market analysis: Ethereum Sets New Yearly Price Record – How High Can It Go?

Lagging behind the meteoric rise of Bitcoin in recent months, #Ethereum nevertheless seems ready to take off in its turn. The point in this ETH analysis from Thursday, December 7, 2023.

It is Thursday, December 7, 2023 and the price of Ether (ETH) is trading around $2,230.

While it seems to have lagged behind #Bitcoin, ETH nevertheless seems in a good configuration to reach new highs at the end of the year. Will the cryptocurrency therefore manage to maintain its upward trend? Let's first take stock of the evolution of its price.

Ethereum hits new annual price record

Yesterday, ETH achieved a new 2023 price high with its value returning to $2,312. A powerful increase of 10.28% in 1 week.

Bitcoin remains strong against altcoins with its dominance rising to 54.83% despite ETH's increase of 11.29% against BTC over the last 7 days.

ETH is gradually moving towards its goal

Since the break of this yellow triangle, Ether has activated a bullish target around $2,780. This level corresponds to the height of the triangle at its entry, reported at its breakout.

As we can see from the chart, the trend remains largely positive with plenty of support supporting the price.

Ethereum Sets New Yearly Price Record – How High Can It Go?
Ether price graph on a daily basis (Daily)

The curves of the Ichimoku indicator, the Tenkan (in turquoise), the Kijun (in purple) and the cloud (in green) constitute important zones above which the price must remain.

Indeed, as long as ETH remains above the cloud, then the odds will remain clearly bullish with a good chance of reaching the target at $2,780. Going back under the cloud would logically lead to the reintegration of the triangle and therefore the cancellation of its objective, with a potentially selling signal. In this case, the next important support to hold would be the flat SSB at $1,825, ahead of the $1,570 zone.

In summary, Ethereum remains largely bullish with a configuration which should allow it to reach its objective in the coming weeks.

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