Ethereum Declines but Remains Above the $3,600 Support

Ethereum (ETH) Current Statistics

The current price: $3,720.20
Market Capitalization: $448,260,433,007.57
Trading Volume: $65,463,782,522.63
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis December 10, 2024

The price of Ethereum (ETH) has risen above the 21-day SMA but remains above the $3,600 support. The bears are offering strong resistance at the recent high. On December 9, the altcoin fell sharply, but bulls purchased the dips. Nonetheless, the price above the 21-day SMA support will define the cryptocurrency’s future move. Ether is hovering above the 21-day SMA support.

Once the 21-day SMA is broken, the selling pressure on Ether will resume. The altcoin will drop above the 50-day SMA, or $3,200 low. If Ether’s price rebounds above the 21-day SMA support, the altcoin will restart its upward trend. Ether will increase again to retest or break the $4000 resistance level. The bullish momentum will continue until the high of $4,500. Ether is currently valued at $3,688.10 as at the time of writing.

ETH Technical Indicators Reading

On December 9, the cryptocurrency price formed a lengthy candlestick tail and fell below the 21-day SMA support, but bulls purchased the dips. The candlestick tail indicates significant buying pressure above the 21-day SMA support. Ether will rise as the price bars remain above the moving average lines.

Conclusion

On the 4-hour chart, Ether has dropped below the moving averages but remains above the $3,600 support. The cryptocurrency price is hovering just above $3,600. The upward trend will resume once the existing support is maintained. Meanwhile, buyers are in control, as Ether remains above the 21-day SMA on the daily chart. The cryptocurrency signal is positive as Ether’s current downward trend comes to an end.

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