Ethereum are trading at 4340 and continue to move as part of the correction and the downward channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $519,358,127,327. Moving averages indicate a short-term bullish trend for Ethereum. Prices broke through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the asset’s price growth from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the coin and a test of the resistance level near the 4405 area. Where can we expect a rebound down again and a continued fall in the Ethereum rate with a potential target below 3135.
Ethereum Forecast and Analysis December 8, 2021
An additional signal in favor of reducing the ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the level of 4855. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 5175. With the breakdown of the support area and closing of quotations below the level of 3685, we should expect confirmation of the development of a bearish movement in Ethereum.
Ethereum Forecast and Analysis December 8, 2021 assumes an attempt to correct and test the resistance area near the level of 4405. Where can we expect a rebound and the continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 3135. An additional signal in favor of reducing Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the option to reduce the digital currency will be a breakdown of the 4855 area. This will indicate a continued rise in the digital currency with a potential target above the level of 5175.