The price of Ethereum (ETH) is under downward pressure, moving within a channel formed on the 4-hour chart and within the main channel formed since November 26.
On the 4-hour chart, we can see that Ether is trading below the 21 SMA and below the 200 EMA.
As Ether trades below 3,890 (21 SMA), it is expected to continue its decline to the support 3/8 Murray at 3,437.
On the other hand, a pullback to the 200 EMA located at 4,135 will be an opportunity to sell again with a target of 3,750 and 3,437.
The USD is the main counterpart to cryptocurrencies and it is being reinfirced by the Fed's hawkish monetary policy. So, investors are increasingly taking refuge in the US dollar. Hence, it is likely that BTC, Ether and other altcoins will be walking on a bearish path in the medium term.
Our trading plan is to sell below 3,890 with targets at 3,437. The eagle indicator is giving a negative signal which supports our bearish strategy.
Support and Resistance Levels for December 15 - 16, 2021
Resistance (3) 4,062
Resistance (2) 3,921
Resistance (1) 3,858
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Support (1) 3,601
Support (2) 3,526
Support (3) 3,427
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A trading tip for ETH on December 15 - 16, 2021
Sell below 3,890 (21 SMA) with take profit at 3,437 (3/8), stop loss above 3,990.
