Ethereum Hovers Above $3,900 as It Resume Its Ascent

Ethereum (ETH) Current Statistics

The current price: $3,967.10
Market Capitalization: $478,045,569,965.65
Trading Volume: $20,581,389,235.88
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,50

Ethereum (ETH) Price Analysis December 8, 2024

Ethereum (ETH) hovers below the psychological price level of $4,000 as it attempts to resume its ascent. The altcoin has been fluctuating below the recent high for the past 48 hours, and the bears are expected to pose stiff resistance at the $4,094 high. On the upside, if the bulls overcome the resistance at the recent high, the largest altcoin will rally to the high of $4,500. The uptrend will restart if Ether retraces and rebounds above the 21-day SMA.

Ether will increase again to retest or break the resistance at the current high. However, if Ether reverses and falls below the 21-day SMA, selling pressure will resume. Ether will fall above the 50-day SMA support, or the $3,000 low. Meanwhile, Ether’s price is bouncing below the psychological milestone of $4,000.00.

ETH Technical Indicators Reading

Ether is declining marginally as the price bars retrace above the moving average lines. The bullish trend will be sustained if Ether retraces and finds support above the moving average lines. A break below the moving average lines will end the current bullish trend.

Conclusion

Ether’s 4-hour chart shows an uptrend as it strives to resume its ascent. The crypto price has retraced above the 21-day SMA as it bounces above it. The upward move will continue if it holds above the 21-day SMA. The price action is also characterized by Doji candlesticks slowing the price movement.

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