Ethereum Price Prediction – December 17
The Ethereum price prediction shows that ETH is approaching a crucial support level which could take it to the downside.
Resistance levels: $4200, $4400, $4600
Support levels: $3600, $3400, $3200
According to the daily chart, ETH/USD is trading down by 3.05% at its current price of $3836, which marks a notable decline from its daily high of $3994 that was set today when the bulls attempted a slightly positive move. In the past few hours, ETH/USD has been able to find some support around $3795 level.
Ethereum Price Prediction: Ethereum Price May Head Downwards
At the time of writing, the Ethereum price is likely to cross below the lower boundary of the channel. In the meantime, the coin may begin to move sideways as the 9-day moving average is seen below the 21-day moving average. Meanwhile, the Ethereum price is currently hovering below the 9-day and 21-day moving averages which is yet to break to the upside.
Moreover, a bearish drop below the lower boundary of the channel may roll the market down to the support levels of $3600, $3400, and $3200 while a possible bullish surge could drive the market above the moving averages to hit the nearest resistance levels of $4200, $4400, and $4600 which could further provide bullish signals for the market. Meanwhile, the Relative Strength Index (14) is likely to cross below 40-level, and staying there may cause the coin to fall more.
When compares Bitcoin, the Ethereum price is currently hovering around the 9-day and 21-day moving average as the bulls failed to take over the market. As it is, ETH/BTC is currently trading at 8123 SAT and the bulls couldn’t push the price above the daily high of 8330 SAT. However, if the market drop below 9-day and 21-day moving averages, the next key supports may likely be at 7500 SAT and below.
On the upside, any further bullish movement could push the market towards the upper boundary of the channel to touch the resistance level of 8800 SAT and above. Similarly, the technical indicator Relative Strength Index (14) is moving below 60-level, suggesting that the market may follow bearish movement.
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