ETH Price Prediction – December 16
The Ethereum steady bullish action is breaking above the $600 barrier; although, eyes currently glued on $650.
Resistance levels: $680, $700, $720
Support levels: $530, $510, $490
ETH/USD is seen refreshing to a new high after touching the daily low of $581 to breaches above $625 while currently trades at $619 with a bullish crossover above the 9-day and 21-day moving averages. At the time of writing, ETH/USD has adjusted below the $626 daily high.
Where is ETH Price Going Next?
For Ethereum, the coin can only maintain the uptrend if the $600 subsidy is maintained at all costs. Currently, the technical indicator RSI (14) is seen crossing above the 60-level at the moment by sending bullish signals into the market which can finally encourage more buyers to enter the market.
Meanwhile, in as much as the red-line of 9-day MA moves above the green-line of 21-day MA, the coin may continue to do well and the price could hit the resistance levels at $680, $700, and $720 respectively. More so, if the technical indicator decides to make a quick turn back below the moving averages, then, there may be a quick bearish drop which may likely roll the market down to the support levels of $530, $510, and $490 respectively.
When compares with Bitcoin, Ethereum is trading below the 9-day and 21-day moving averages as the price hovers at 0.029 SAT. Meanwhile, the technical indicator RSI (14) is seen moving below the 50-level. For the fact that the market remains at the downside, the pair seems to be moving sideways before deciding on the next direction.
Moreover, the resistance levels are located at 3300 SAT and above but a higher sustainable move may likely cancel the bullish pattern which could attract new buyers coming into the market with the next focus on the support levels of 2700 SAT and below.