Ethereum (ETH) Price Analysis for December 4

The market is mainly green today, according to CoinStats.

ETH chart by CoinStats

ETH/USD

Ethereum (ETH) is one of the biggest gainers today, rising by 3.77%.

Image by TradingView

On the hourly chart, the rate of ETH might have set a local support of $3.158. If the daily bar closes near that mark, the decline is likely to continue to the $3,100 range.

Image by TradingView

On the longer time frame, the price of the main altcoin has once again failed to fix above the $3,230 level. 

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If the candle closes far from that mark, bears may seize the initiative, which may lead to a test of the $3,100 zone by the end of the week.

Image by TradingView

From the midterm point of view, one should focus on the weekly bar’s closure in terms of the $3,233 level. If bulls can hold the gained initiative and the candle closes around that mark, or above, the accumulated energy might be enough for a continued upward move to the $3,300-$3,400 range.

Ethereum is trading at $3,155 at press time.

Source: https://u.today/ethereum-eth-price-analysis-for-december-4