Ethereum Consolidates Above $3,800, Unable To Sustain Above $4,076

Highlights
Ethereum faces rejection at $4076
The largest altcoin is in a sideways move

Ethereum ETH) Current Statistics
The current price: $3,996.69
Market Capitalization: $474,986,682,766
Trading Volume: $13,969,787,417
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis December 22, 2021
Since December 17, the bearish pattern of Ethereum was interrupted as it was unable to sustain above $4,076. Initially, Ether’s price was making a series of lower highs and lower lows. On December 17, the ETH price was in a sideways move. Presently, Ether’s price is facing rejection at the 21-day SMA. The market will decline to the downside if it faces rejection at the recent high. On the other hand, if the bulls break above the moving averages, the altcoin will resume an uptrend. Ether will revisit the previous highs of $4,800.

ETH Technical Indicators Reading
Ether has risen to level 45 of the Relative Strength Index for period 14. This is because Ether’s price corrected up to $4,076 high. It is currently facing rejection at a recent high. The RSI will drop if the crypto declines. The largest altcoin is below 50% area of the daily stochastic. The bearish momentum is unstable. The daily stochastic bands are sloping horizontally indicating the sideways move.

Conclusion
Ethereum is in a downward move as it was unable to sustain above $4,076. Presently, the Ether is in a sideways move. Ether is facing rejection at the recent high. Meanwhile, on December 6 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extensions or $3,161.56.

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