ETH Price Prediction – December 12
Ethereum (ETH) remains in the buy phase despite the recent price falls that hit the crypto market in the last few days.
Resistance levels: $650, $670, $690
Support levels: $470, $450, $430
ETH/USD has been gaining ground since the beginning of the day. The coin hits an intraday high at $572.40 but retreated to $571 at the time of writing. Despite the slight downside correction, ETH/USD is still nearly 5% higher on a day-to-day basis. At the moment, Ethereum (ETH) is trading at $571.34 while the 9-day MA is trying to cross below the 21-day MA.
What is the Next Direction for Ethereum?
According to the daily chart, the initial support is created below the lower boundary of the channel at $525. Once this is eliminated, the sell-off may increase with the next focus on the $500 level. If this support level drops, the downward momentum could begin to snowball and the next downside target to $480. ETH/USD is powered by the lower line of the channel and the closest supports to watch are $470, $450, and $430.
Moreover, as the daily chart reveals, bulls must realize the need to cross above the moving averages before they can get to the potential resistance levels. Above this handle, traders will need to consider a sustained move for the extended recovery to the resistance levels at $650, $670, and $690. Meanwhile, the RSI (14) moves above the 50-level, which may give more bullish signals and this could only be possible if the 9-day MA remains above the 21-day MA.
When compares with BTC, buyers are making effort to step back into the market as the coin is making an attempt to show some promising signs if the price crosses above the 9-day and 21-day moving averages. On the upside, the nearest resistance level lies at 0.033 BTC and above.
Moreover, when looking from the downside, the nearest support level is around 0.029 BTC and beneath this, further support lies at 0.028 BTC. If the price drops further to create another low, lower support is located at 0.027 BTC and below. The RSI (14) is making an attempt to break above the 50-level which indicates that bulls may come into play.