Ethereum (ETH) Price Analysis: Ether Faces Rejection at the $4,000 High, May Decline Sharply

Updated:

Highlights
Ethereum struggles below the $4,000 resistance
The largest altcoin may further decline

Ethereum ETH) Current Statistics
The current price: $3,970.46
Market Capitalization: $471,666,880,047
Trading Volume: $20,309,078,095
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis December 19, 2021
Ethereum’s (ETH) price is still trading in the bearish trend zone and it may decline sharply. Ether is falling gradually after the December 4 price slump . Since December 17, the downward move has been interrupted. The current downtrend is to make other lower lows after the rejection at a lower high of $4097. Today, the candlesticks appear to be consolidating below the $4,000 resistance. If buyers fail to break above the recent high, the largest altcoin will encounter a sharp decline.

Ethereum (ETH) Price Analysis: Ether Faces Rejection at the $4,000 High, May Decline Sharply
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The cryptos downtrend has been marginal as Ether remains at level 44 of the Relative Strength Index for period 14. The market is still in the downtrend zone and capable of falling to the downtrend. Presently, the moving averages are sloping horizontally. The largest altcoin is below 50% area of the daily stochastic. The bearish momentum is unstable.

Conclusion
Ethereum is in a downward move and it may decline sharply. Sellers are attempting to push the altcoin to revisit the previous low of the December 4 price slump. Meanwhile, on December 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extensions or $3,096.26.

Ethereum (ETH) Price Analysis: Ether Faces Rejection at the $4,000 High, May Decline Sharply
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.