Ethereum Loses $4,000 Psychological Price Level, Targets Level $3,486 Low

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Highlights
Ethereum loses $4,000 support
The largest altcoin targets level $3,486 low

Ethereum ETH) Current Statistics
The current price: $3,670.24
Market Capitalization: $436,567,256,298
Trading Volume: $44,577,725,594
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis December 29, 2021
Ethereum (ETH) price continues its downward move after losing the $4,000 psychological price level but targets level $3,486 low. On December 27, the largest altcoin faced rejection at the high of $4,100 after buyers failed to keep the price above the $4,000 high. Ether declined to the low of $3,736.10 at press time. The largest altcoin is approaching the previous low at $3,710. Ethereum will further decline if the previous low is breached. The market will decline to the recent low at $3,436.

Ethereum Loses $4,000 Psychological Price Level, Targets Level $3,486 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The recent decline of the altcoin has pushed Ether to level 39 of the Relative Strength Index for period 14. Ether is falling and approaching the oversold region of the market. Ether’s price bars are below the 21-day line SMA and the 50-day line SMA indicating a possible fall of the altcoin. The largest altcoin is below 50% area of the daily stochastic. The market is in a bearish momentum.

Conclusion
Ethereum has resumed a downward move after the recent rejection at the $4,100 high but targets level $3,486 low. Meanwhile, on December 10 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extension or $3,486 price level.

Ethereum Loses $4,000 Psychological Price Level, Targets Level $3,486 Low
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.