Ethereum Slumps After Stiff Resistance at the $4,094 Barrier

Ethereum (ETH) Current Statistics

The current price: $3,878.58
Market Capitalization: $467,294,469,689.08
Trading Volume: $37,170,514,753.85
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis December 18, 2024

The price of Ethereum (ETH) has retraced above the 21-day SMA support after stiff resistance at the $4,094 barrier. The largest altcoin trades in a narrow range above the 21-day SMA support and below the resistance at $4,000. On the downside, Ether will fall when the bears break below the 21-day SMA. The negative momentum will continue to the next support level above the 50-day SMA, or $3,300 low.

Conversely, if buyers break through the resistance at $4,000, the market will achieve a new high of $4,500. Nonetheless, Ethereum will continue its range-bound movement if the resistance and support levels remain unbroken. Ether is now trading at $3,873.

ETH Technical Indicators Reading

Since November 6, Ether’s price bars have held above the 21-day moving average line, reaching a high of $4,000. Selling pressure will begin as soon as the 21-day SMA support is violated. On the 4-hour chart, Ether has been moving sideways after buyers failed twice to maintain their bullish momentum above the $4,000 high.

Conclusion

On the 4-hour chart, Ether has fallen below the moving averages after stiff resistance at the $4,094 barrier. The crypto price dropped to a support level above $3,500 during the initial decline before rising again.
Since December 9, the altcoin fluctuated above the $3,500 support and the resistance at $4,100.

Make money without lifting your fingers: Start using a world-class auto trading solution.

Note: Learn2.Trade is not a financial advisor.  Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your results.