Ethereum (ETH) Price Analysis: Ether Fluctuates above $3,836 Support, Uptrend Likely

Updated:

Highlights
Ethereum consolidates above $3,836 support
Ether makes an upward move

Ethereum ETH) Current Statistics
The current price: $4,052.75
Market Capitalization: $481,253,207,410
Trading Volume: $14,846,433,577
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis December 12, 2021
Ethereum’s (ETH) price is in a range bound move between $3,800 and $4,500. After December 4 price collapse, the bulls bought the dips as price corrected upward to $4,455. The upward correction was terminated at the $4.500 resistance zone. For the past week, Ether has been compelled to a range-bound move. Today, Ether’s price is resuming upward as it fluctuates above the lower price range. Ethereum will resume an uptrend if price breaks above the moving averages and the bullish momentum is sustained.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 44 of the Relative Strength Index for period 14. It indicates that the market is in the downtrend zone and capable of further decline. The crypto’s price is below the moving averages which indicates that the altcoin is in the downtrend zone. Ethereum is below 60% area of the daily stochastic. The bearish momentum is unstable.

Conclusion
On the 4 hour chart, Ethereum is making a gradual upward move above the $3,836 support. The upward move is facing resistance at $4,100. Meanwhile, on December 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will rise to level 1.618 Fibonacci extensions or $4,222.39.

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.