Ethereum Faces Rsejection at $3,850, May Revisit $3,452 Low

Updated:

Highlights
Ethereum plunges to $3,606
Ether faces rejection at $3,850 high

Ethereum ETH) Current Statistics
The current price: $3,795.73
Market Capitalization: $452,343,118,854
Trading Volume: $10,046,065,017
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price January 2, 2022
Ethereum (ETH) price is in a downtrend and it may revisit $3,452 low. Since November 9 price rejection, the market has continued the downward move. Ether’s price has continued to make a series of lower highs and lower lows as the altcoin reached the low of $3,606. At the current support, the bulls bought the dips as price resumes upward. The current uptrend is likely to face resistance at the $3,850 price level. Nevertheless, the downtrend will resume if the altcoin faces rejection at the $3,850 high.

Ethereum Faces Rejection at $3,850, May Revisit $3,452 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether’s price bars are below the 21-day line SMA and the 50-day line SMA indicating a possible fall of the altcoin. Ether is falling now at the $3,850 resistance. Ether is at level 43 of the Relative Strength Index for period 14. The altcoin is trading in the downtrend zone and may fall.
The largest altcoin is below 50% area of the daily stochastic. The market is in a bearish momentum.

Conclusion
The largest altcoin is falling to the downside and it may revisit $3,452 low. Presently, it is facing rejection at the $3,850 high. Meanwhile, on November 18 downtrend; 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 $3,452 price level. From the price action, Ether has reached the low of $3,606 and has made an upward correction.

Ethereum Faces Rejection at $3,850, May Revisit $3,452 Low
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.