- Ethereum price prediction expect to see rally around the $600 mark.
- ETH races towards the $620.00 resistance mark.
- Analyst warn of rise towards the falling resistance.
The Ethereum price prediction by Atlas Trades shows that the cryptocurrency will rise to the $620.0 level next. The price trajectory shows sideways movements for the ETH price on the 14th of December.
1-Day Ethereum price analysis
The cryptocurrency was priced at $591.72 at the time of writing. The cryptocurrency rose to a day’s high of $596.97, while the price was seen falling to a day’s low of $575.67 near noon. From the chart, we can conclude that the cryptocurrency saw sideways movement for the day. The overall trade on the charts for the 14th and the 15th of December was observed to be more neutral overbullish or bearish.
What’s next for ETH?
Vince Prince’s idea depicted that the cryptocurrency will head down on the smaller time frames while traveling inside the falling channel. However, on the 14th of December, the altcoin broke past the falling trend line and moved towards along the midline of the main ascending channel.
This means that the price will attempt to test the upper boundary of the main channel, which lies at the $615 level, sooner than Prince’s idea says it would. The ETH price will continue to rise from here if it holds the midline of the main channel and the Exponential Moving Average (EMA) marked in red on the chart above. In the long-term, the price will test the $615 horizontal resistance.
Ethereum price prediction: Rise to $620?
The cryptocurrency is trading inside a horizontal channel, and the price range was observed rising inside the range of $530 to $620. Atlas Trades has been of the opinion that the price will rise towards the $620 mark for qui9te a while.
The analyst drew two similar ideas in the same price range over the past few days. At first, the cryptocurrency was expected to hit $580, and now it is to hit the $620 level. The price has confirmed support at $580, which means that it is gathering the momentum to attempt a rise towards the $620.00 resistance.
Descent for the Ethereum price ahead?
The ETHUSD pair followed Solldy’s previous price prediction that suggested a rise towards the falling resistance marked in red. For its next move, the price will have to drop to the horizontal support level between the $530.0 and $550.0 levels.
From its current trading levels, the price is expected to drop after moving into a short position. This means that the price is testing a strong resistance short of the $600 mark.
What to expects from Ethereum?
The analyst highlighted a sell signal for ETHUSD. They believe that the sell entry-level for this trade setup is at $591.75 and that the cryptocurrency will drop towards the $535.37 target price next.
The second target price was placed at the $480.60 mark. The analyst expects this price dump to occur soon, and the stop-loss for this trade is at the $619.61 level. If the Exponential Moving Average (EMA) support holds and the price observes an uptrend, then this downtrend will be invalidated.