Ethereum is in a Fresh Decline, Targets $3,400 Low

Ethereum (ETH) faces selling pressure as Ether sinks to a low of $4,023. The largest altcoin will see an accelerated downward move if it falls below the $4,000 support.

On December 4, bulls bought the dips as Ether rallied above $4,254. The largest altcoin fluctuated above $4,000 support before losing that level. However, if the bears continue to push lower, Ether will hit the $3,400 low. On the other hand, if buyers keep the ETH price above $3,900, the altcoin will rise to $4,400. A subsequent bullish momentum above $4,400 will catapult the altcoin to the high of $4,800.

Ethereum indicator analysis

Ether is at level 41 on the Relative Strength Index for period 14. The cryptocurrency is in downtrend territory and is capable of falling to the downside. Ethereum is below the 50% area of the daily stochastic. The market has resumed its bearish momentum.

Technical indicators:

Major Resistance Levels - $4,500 and $5,000

Major Support Levels - $3,500 and $3,000

What is the next direction for Ethereum?

Ether has resumed its downward movement after a recent breakdown. Meanwhile, the December 3 uptrend has retraced a candlestick that tested the 78.6% Fibonacci retracement level. The retracement suggests that Ether will fall to the 1,272 Fibonacci Extension level or $3,828.46.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.