Ethereum Battles the $3,200 Hurdle as It Indicates a Further Decline

Ethereum (ETH) Current Statistics-a Further Decline

The current price: $3,179.93
Market Capitalization: $382,936,610,330.08
Trading Volume: $31,856,280,606.23
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis November 16, 2024-a Further Decline

Ethereum’s (ETH) price is falling and has stuck at $3,200, indicating a further decline. The upward movement is met with resistance at the $3,200 high. For the past 48 hours, the largest altcoin has fluctuated in a small range, trading above the moving average lines. On the upside, if buyers surpass the $3,200 resistance, Ether will increase and retest or break the $3,400 resistance level. This will help the altcoin hit a high of $3,800 or $4,000.

However, if the bear breaks below the $3,000 support, Ether will fall above the $3,000 low or the 21-day SMA support. Meanwhile, the cryptocurrency price is retesting the $3,200 resistance and attempting to break through it.

ETH Technical Indicators Reading

Ether price bars are significantly higher than the moving average lines. The price bars have retraced and halted above the $3,000 level. The altcoin will further decline to the low above the 21-day SMA support if it loses the $3,000 support. On the 4-hour chart, the price bars fall below the moving average lines. On the 4-hour chart, a further decrease is indicated by the price bars being below the moving average lines.

Conclusion

On the 4-hour chart, Ether’s upward move has been hampered by the resistance at $3,200, indicating a further decline. Meanwhile, on November 13, a retraced candle body tested the 38.2% Fibonacci retracement level, implying that Ether will fall to level 2.618 Fibonacci extension, or $2,680.72.

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