Ethereum price prediction: ETH descending to lower traces

• Ethereum price prediction experiencing a mix trend, traders seek direction
• Ethereum currently at the $458 mark
• Low trading volumes of ETH with BTC retracing.

Ethereum price prediction: current price

Ethereum price is seen making a downward descent in the past 24-hours, and the queen of cryptocurrency is currently at $458.56 descending from $477.45 earlier today. Bitcoin (BTC) is briskly approaching an all-time high, all set for the Santa rally, and as witnessed on several stances, Ethereum will most likely follow suit.

At the time of writing, the queen of cryptocurrency is trading hands at the $459.25 mark. While on the other hand, trading view technical signals consistently display week buying momentum (16) and a weak selling momentum (5).

The moving averages signal towards a strong buying impetus of 13 with the Exponential moving average valued at $460.83 inclined towards selling. Simultaneously, the oscillators depict a weak buying tendency of 2 with a relative strength index of 61.89 inclined towards neutral action.

Ethereum price prediction: What to expect?

VincePrince, leading price analyst discusses the recent events and plausible future trends through Ethereum’s 2-hour timeframe charted below. The cryptocurrency queen has managed to break out of the wedge formation and stabilize itself, now looking forward to test significant levels and confirming new price actions.

Chart above shows the conversion of prior resistance into current support as Ethereum tested the Dynamic-Trend-Line (in blue) carved by price actions of the past.  The queen was also witnessed to have been navigating within the enormous Ascending-Channel-Structure which has been consistently holding position to maintain bullish tendencies. The analyst expects continued bullish mode as Ethereum breaks out of the upper limit of the wedge formation. Another possibility is of the queen’s descent to the lower zone of the wedge, moving the game towards the bearish stage. 

VincePrince recommends traders and investors to wait and watch before opening positions, as the queen could display either bull or bear intensities, a few weekly candles would confirm the scenario accurately.

YMGroup, price analyst confirms Ethereum treading the lower zones of the formations. the chart above depicts the trends developed owing to the descending price notion experienced by queen and the current support level.

Notable price analyst Alanmasters confirms Ethereum’s potential to move to lower levels. With Bitcoin displaying signals of a strong retrace, ETH’s trading volume is consistently low backed up with a bear forking established with the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). Calling the bear mode weak as opposed to the possibility of a strong bullish setup, the analyst confirms a strong ascending motion if ETH moves above the EMA10 and EMA21 positions on the chart.