Ethereum (ETH) Price Analysis: Ether Continues Recovery, Resumes Uptrend above $4,040

Updated:

Highlights
Ethereum crashes to $3,436 low
Ether recovers from the downtrend

Ethereum ETH) Current Statistics
The current price: $4,107.13
Market Capitalization: $489,248,274,498
Trading Volume: $27,950,967,739
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis December 5, 2021
Ethereum’s (ETH) price broke below the moving averages and dropped sharply to the low of $3,436. The bulls bought the dips as price corrected upward to $4,235. Ether price is fluctuating below the moving averages. A break above the moving averages will signal the resumption of the uptrend. On December 4, there was a candlestick with a long tail pointing to the $3,400 support .The long candlestick tail indicates that the $3,436 support region is a strong buying pressure.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Firstly, Ether‘s price bars are below the moving average which indicates a further downward move. Ethereum is at level 47 of the Relative Strength Index for period 14. The biggest altcoin is now in the downtrend zone and capable of falling. Ethereum is above 80% area of the daily stochastic. The altcoin has reached an overbought region of the market. Sellers are likely to emerge in the overbought region.

Conclusion
On the 4 hour chart, Ethereum has resumed upward after the recent breakdown. Buyers have pushed the altcoin above the 21-day line SMA but may face rejection as the market reaches the overbought region. Meanwhile, on December 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ether will rise to level 1.272 Fibonacci extensions or $4,214.14 .

ETH/USD – 4 Hour 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.