Ethereum Slumps as It Fails to Cross the $3,700 Mark

Ethereum (ETH) Current Statistics

The current price: $3,680.92
Market Capitalization: $443,411,359,759.40
Trading Volume: $31,405,134,883.98
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis December 1, 2024

Ethereum’s (ETH) price begins a second round of upward momentum but fails to cross the $3,700 mark. To hit the psychological price level of $4,000, the bulls must break through resistance at $3,800. The Fibonacci price indicator showed a retraced candle body testing the 61.8% Fibonacci retracement line. The retracement indicates that the biggest altcoin has the potential to rise to the upside.

The price prediction is that Ether will rise to the 1.618 Fibonacci extension, or $4,086.71. On the upside, if the bullish scenario is invalidated, Ether will be forced to trade in a range above the breakout level of $3,400 support and below the $3,800 resistance. As of this writing, Ether is valued at $3,732.20.

ETH Technical Indicators Reading

The price bars represent moving average lines, which limit the cryptocurrency’s upward movement. On the 4-hour chart, the cryptocurrency price is exhibiting a pattern of higher highs and lows. The current rally has been gradual due to the development of Doji candlesticks. On the positive, a price rebound will help the cryptocurrency rise.

Conclusion

Ether is on the rise but fails to cross the $3,700 mark. However, following the breakout, the altcoin has fallen below the $3,700 support. On the 4-hour chart, bears pierced the 21-day SMA, but bulls bought dips. Despite recent declines, the crypto signal remains bullish. Doji candlesticks dominate the price movement.

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