Ethereum (ETH) Price Analysis: Ether Declines, Faces Rejection at $4,300 High

Highlights
Ethereum faces rejection at $4,300 high
Ether reaches an overbought region

Ethereum ETH) Current Statistics
The current price: $4,398.15
Market Capitalization: $522,428,108,814
Trading Volume: $19,792,546,565
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis December 8, 2021
Ethereum’s (ETH) price is breaking above the moving averages. Ether is rising as buyers attempt to sustain the bullish momentum above the $4,397 high. If the bulls are successful, the bullish momentum will extend to the high of $4,800. Conversely, if Ether faces rejection at the recent high, the altcoin will fall and revisit the previous low at $4,080. A break below the previous low will cause Ether to the low of $3,400.

ETH Technical Indicators Reading
Ethereum is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The crypto’s price is above the 21-day and 50-day moving average lines indicating a possible movement of prices. The biggest altcoin is now in the uptrend zone and capable of rising. 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 is in an uptrend. The biggest altcoin is breaking above the $4,300 resistance level. Meanwhile, on December 5 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will rise to level 2.0 Fibonacci extensions or $4,668.05.

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