Ethereum (ETH) Price Analysis: Ether plunges to $3,960 support as bulls recoup above current Support

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Highlights
Ethereum plunges to $3,916 low
Ether is in a bearish trend zone

Ethereum ETH) Current Statistics
The current price: $4,101.19
Market Capitalization: $486,086,303,319
Trading Volume: $13,315,367,317
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 28, 2021
Ethereum’s (ETH) price has broken below the moving averages after rejection from the resistance at $4.500. On November 26, Ether dropped sharply to the low of $3,916 as bulls bought the dips. Buyers have an uphill task to push Ether above the moving averages and retest the $4,800 overhead resistance. Today, the altcoin is resuming upward above the $3,960 support. The current support has been holding since October 28. Ether will resume an uptrend when price breaks above the moving averages.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 45 of the Relative Strength Index for period 14. The biggest altcoin is trading in the downtrend zone and it is below the centerline 50. Ether’s price is below the moving averages which causes the altcoin to decline. Ethereum is above 45% area of the daily stochastic. The altcoin has resumed bullish momentum.

Conclusion
On the 4 hour chart, Ethereum is making an upward move. Buyers are struggling to break above the $4,100 resistance. Meanwhile, on November 26 uptrend; 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 $4,256.41.

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.