Ethereum (ETH) Price Analysis: Ether Consolidates Above $3,800 Support, Uptrend doubtful

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Highlights
Ethereum price makes a series of lower highs and lower lows
Ether targets $3,436 low

Ethereum ETH) Current Statistics
The current price: $3,822.88
Market Capitalization: $453,538,032,007
Trading Volume: $17,865,643,108
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis December 15, 2021
Ethereum’s (ETH) price is in a downward move. After the December 4 price collapse, ETH price was making a series of lower highs and lower lows. At the lower low, ETH plunged to $3,436 as bulls bought the dips. The price corrected upward to make lower highs of $4,455. Thereafter, the downtrend resumes on the downside. Today, the bearish pattern is interrupted as Ether fails to resume upward. Nonetheless, Ether is likely to revisit the previous low of $3,436.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 41 of the Relative Strength Index for period 14. It indicates that the market is in the downtrend zone and below the centerline 50. The crypto’s price is below the moving averages which indicates that the altcoin is in the downtrend zone. The largest altcoin is below 50% area of the daily stochastic. The bearish momentum is unstable.

Conclusion
Ethereum is making a downward move as price revisits the previous low of $3,436. Meanwhile, on December 11 uptrend; 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 $3,425.08. From the price action, Ether has fallen to $3,854 at the time of writing.

ETH/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.