Ethereum (ETH) Price Analysis: Ether Declines on the Downside, May Find Support above $4,476

Ethereum faces rejection at $4,820 resistance
Ether has strong buying pressure above $4,476

Ethereum ETH) Current Statistics
The current price: $4,595.06
Market Capitalization: $543,774,572,274
Trading Volume: $11,991,717,575
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 14, 2021
Since November 9, Ethereum’s (ETH) price has been retracing on the downside. In the previous price action, Ether rallied to $4,820 high but was resisted. The retraced candlesticks have long tails pointing to $4,476 support. The long tails are describing that the $4,476 support has strong buying pressure. This also mean that the bears may have difficulty penetrating the support level. ETH/USD is trading marginally because of the presence of small body candlesticks.

ETH Technical Indicators Reading
Ethereum is at level 60 of the Relative Strength Index for period 14. Ether is in the uptrend zone and capable of a further upward move. Ether is above the 40% range of the daily stochastic. The 21-day and 50-day moving averages are sloping upward indicating an uptrend. The 21-day line moving average is proving support for the price bars.

Conclusion
On the 4 hour chart, ETH/USD is in a downward move. On November 10 breakdowns, Ether plunged to $4,465 support and pulled back. The long candlestick is indicting strong buying pressure above that level. Meanwhile, on November 12; 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 $4,355. 92.

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