Ethereum Price Prediction – December 21
The Ethereum price prediction has been making an effort to recover by moving in sync within the channel.
Resistance levels: $4400, $4500, $4600
Support levels: $3500, $3400, $3300
Yesterday, ETH/USD tested $3754 during early Asian hours but managed to recover above $3900 at the time of writing. Today, the Ethereum price with the current market value of $3996 is still unchanged on a day-to-day basis and currently gaining nearly 1.28% since the beginning of today amid the recovery across the cryptocurrency markets.
Ethereum Price Prediction: Is Ethereum (ETH) Ready for the Upside?
At the time of writing, the Ethereum price is seen rising towards the 21-day moving average. Further higher may find resistance at the expected level of $4000. Looking at the daily chart, we can see that ETH/USD even spiked higher into the resistance level at $4063 today. Therefore, if the buyers continue to push the market higher, the immediate resistance above $4200 level would be located. Above this, further resistance levels could be found at $4400, $4500, and $4600.
Alternatively, if the bears try to bring the price down under the 9-day and 21-day moving averages, the support level of $3800 may play out, the bears can expect immediate support to be located at $3600 which is below the lower boundary of the channel. Below this barrier, further supports could be found at $3500, $3400, and $3300. Meanwhile, the technical indicator Relative Strength Index (14) is moving to cross above 50-level, which shows more bullish signals may still come to play.
When compares with BTC, Ethereum is sliding below the moving averages of 9-day and 21-day while the price is now hovering at 8247 SAT as confirmed by the technical indicator Relative Strength Index (14) nose-diving below 55-level. Although the bulls seem to be the dominant of the market but the bears are bringing the price below the moving averages.
At the upside, the resistance levels to be reached are 9000 SAT and above. Conversely, a lower sustainable move may likely cancel the bullish pattern and this could attract new sellers to the market with the next focus on the support level at 7800 SAT and below.
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