Connect with us

Hi, what are you looking for?

ELEVENEWS

Ethereum

Ethereum price prediction: ETH to return to $550?

TL:DR Breakdown

  • Ethereum price prediction sees current range persisting.
  • Highest trade of the day achieved at the $572.26 mark.
  • ETH price levelling off following high run.

The Ethereum price prediction by Solldy suggests that the cryptocurrency will fall towards the $540.0 to $550.0 zone again. The cryptocurrency’s price trajectory followed Solldy’s previous prediction for the ETHUSD pair. On the 12th of December, the cryptocurrency observed a bullish momentum and rose to the $570.00 level.

1-Day Ethereum price analysis

Ethereum price chart 1 - 12 December
Ethereum price prediction chart by Trading View

The cryptocurrency’s price rose on the 12th of December, and it formed an ascending slope. At the time of writing, Ethereum was priced at $567.43. The highest that the altcoin achieved for the daily trade was $572.26, whereas the lowest price was $536.15.

Will Ethereum see a breakout ahead?

The cryptocurrency is trading below a falling trend line, and the price might escape the pattern soon as it appears to be testing the falling trend line.



Ethereum price chart 2 - 12 December
Ethereum price prediction chart by Kyer

The altcoin is above the monthly support currently, which is marked at $556. The 4H support is at $522.48, and the stronger 3-year support is at $469.98. Should the altcoin continue to rise above this ascending trend line that originates from the 19th of November, the cryptocurrency will break above the falling resistance and move to the local high. The resistance zone is at $601.52 to $617.00. ETH is currently holding this falling wedge, and it needs to continue to hold the rising trend line.

What to expect from Ethereum?

Atlas Trade’s analysis of the ETHUSD pair shows that the price is trading short of the midline at $580.00.

Ethereum price chart 3 - 12 December
Ethereum price prediction chart by Atlas Trades

The cryptocurrency has been accumulating in this broad channel from the last week of November 2020. After testing the $620.00 level, the price had recently come down to the $530.00 support, while it has bounced off this place and now it’s looking to test the midline again. The target price for this idea was marked at $620.

What’s next for ETH?

Ethereum seems to be facing a resistance cluster near the $570.00 level, and Vince Prince expects the resistance to hold off and the price to fall bearish from here.

Ethereum price chart 4 - 12 December
Ethereum price prediction chart by Vince Prince

The rejection caused by the resistance cluster is due to the multiple Exponential Moving Averages (200-EMA and 100-EMA) and the flat resistance at $569.00. The price is expected to fall bearish with a bearish continuation that will make the cryptocurrency break below the ascending channel. If the price falls below the channel, a bear flag confirmation will take place in the bearish continuation zone.

Ethereum price prediction: Fall ahead?

Per another one of Solldy’s analyses of the ETHUSD pair, the cryptocurrency hit the $570 falling resistance. This was predicted in Solldy’s last analysis of ETH price.

Ethereum price chart 5 - 12 December
Ethereum price prediction chart by Solldy

For its next move, the cryptocurrency should fall bearish and return towards the $540.0 to $550.0 zone, which is because of the reason that the cryptocurrency is not bullish enough to break across the falling resistance in red. This falling trend line has been tested multiple times by the cryptocurrency, and it has rejected the price at multiple instances. The resistance is rather strong, and it will soon form a descending triangle pattern with the flat support level near $540.0.

News Source

Advertisement
Advertisement

Copyright © ELEVENEWS