Ethereum Price Prediction – December 2
The Ethereum price prediction shows that ETH is likely to approach the crucial support level at $4500 as the coin may need this support to rise to $4800.
Resistance levels: $5000, $5200, $5400
Support levels: $4000, $3800, $3600
At the moment, ETH/USD is facing another price decline as it is currently trading at $4526. The cryptocurrency continues to be supported at the $4400 level but it seems that the bears are adamant to push the coin lower as it is losing around 1.33% within 24 hours.
Ethereum Price Prediction: Ethereum (ETH) Ready to Drop Further
The Ethereum price is likely to drop below the 9-day and 21-day moving averages, the immediate upside is limited by this barrier currently trading at $4526.01. Marginally below this, the daily low at $4300 may continue to give the buyers sleepless nights. However, a break below this level could most likely give ETH/USD a fall below $4200 before reaching the critical supports at $4000, $3800, and $3600.
However, the technical indicator Relative Strength Index (14) confirms the bearish movement as the signal line slides below 60-level. However, until the market finds a stable level to reinforce the uptrend, ETH/USD may continue to face the downtrend. In addition, the nearest resistance level might come at $4200 while other resistance levels could be located at $5000, $5200, and $5400 respectively.
When compares with Bitcoin, the red-line of the 9-day moving average stays above the green-line of the 21-day moving average, this shows that the Ethereum price may focus at the uptrend to cross above the upper boundary of the channel. More so, ETH/BTC is currently trading at 7963 SAT and if the market price crosses below the 9-day and 21-day moving averages, the nearest support level may be at 7600 SAT and below.
On the upside, a possible bullish movement above the upper boundary of the channel may likely come into play if the coin stays above the moving averages, the resistance level of 8300 SAT and above could be visited. Meanwhile, the market may likely have a bearish day as the technical indicator Relative Strength Index (14) nosedives below 65-level, which could indicate a bearish movement.
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This post first appeared on: Inside Bitcoins