Ethereum’s Rising Trend Weakens as It Retraces above $3,800

Ethereum (ETH) Current Statistics
The current price: $3,850.90
Market Capitalization: $462,424,429,641
Trading Volume: $17,894,421,713
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis March 11, 2024
Ethereum’s (ETH) price has reached bullish exhaustion as it retraces above $3,800 on March 8. The largest altcoin has been repulsed as it continued volatility below its recent high. Doji candlesticks characterize the price activity.

Ethereum is trading modestly as it retraces to the negative. The crypto asset has sustained its bullish ascent, retracing and remaining above the $3,800 support or 21-day SMA. Nonetheless, if Ether recovers and breaks the $4,000 resistance, the altcoin will increase further, reaching highs of $4,200 to $4,400.

On the downside, the consolidation of Doji candlesticks has paused the slide. The largest altcoin is now worth $3,852.

ETH Technical Indicators Reading
On the 4-hour chart, Ether consolidated below its previous high before dropping between the moving average lines. The altcoin will continue to trade sideways for a few days as it consolidates below its recent peak.

Conclusion
Ethereum price reaches overbought region as it retraces above $3,800. On the 4-hour chart, Ethereum trades in a tight range of $3,800 to $4,000. The Doji candlesticks have restrained the price movement. The crypto signal is likely range-bound since it is trapped between the moving average lines.

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