Ethereum Backtracks as It Fears a Drop Below $2,850 Low

Ethereum (ETH) Current Statistics – 

The current price: $3,579.44
Market Capitalization: $431,051,674,055.68
Trading Volume: $27,834,900,471.34
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis November 29, 2024- Below $2,850 Low

Ethereum’s (ETH) price rose to $3,686 but fears a drop below $2,850 low. The largest altcoin is below the $2,800 barrier but above the $3,500 support. On the upside, if investors maintain bullish momentum above $3,800 resistance, the altcoin will surge to the psychological price of $4,000. However, if Ether fails to rise above the recent high, the cryptocurrency will fall above the 21-day SMA support or $3,200 low.

However, if the 21-day SMA support is broken, the selling pressure could persist. Ether will fall to a low above the 50-day SMA.

ETH Technical Indicators Reading- Below $2,850 Low

The positive trend has continued as price bars remain above the moving average lines. Ether will rise whenever the price bounces above the 21-day SMA support. However, if the price bars break through the 21-day SMA, selling pressure will resume.

Conclusion

On the 4-hour chart, Ether is in a sideways trend but fears a drop below $2,850 low. If the bear’s breach is below the $3,400 support level, Ether will return to its trading range. Ether will fall to a low above $3,000 support. If the present support at $3,400 holds, Ether will be forced to move in a narrow range.

 Make money without lifting your fingers: Start using a world-class auto trading solution.

Note: Learn2.Trade is not a financial advisor.  Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your results.