Ethereum (ETH) Ether Faces Rejection from $3,800 High, Resumes Selling Pressure

Ethereum declines to $3,436
Ether resumes selling pressure

Ethereum ETH) Current Statistics
The current price: $3,460.70
Market Capitalization: $411,968,284,291
Trading Volume: $20,429,496,320
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis January 5, 2021
Ethereum’s (ETH) price falls and resumes selling pressure. The bears faced rejection at $3,800 to resume selling pressure. Since the downtrend on November 9, Ether’s price has been making a series of lower highs and lower lows. Today, the market has fallen to the low of $3,534. The market is expected to make another lower low of $3,270. Ether will revisit the previous low of $3,436. The largest altcoin will further decline if it breaks below $3,436.

ETH Technical Indicators Reading
Ether‘s price is below the moving averages which indicates that the altcoin will further decline. Because of the recent decline, Ethereum is at level 34 of the Relative Strength Index for period 14. The market is approaching the oversold region of the market. ETH/USD has fallen below the 20% range of the daily stochastic. The selling pressure will soon end.

Conclusion
ETH/USD has resumed selling pressure after rejection from the $3,800 high. Meanwhile, on December 30 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extensions or $3,270.77.

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