- Ethereum price prediction expects a slow decline.
- Bearish EMA crossover is evident.
- Current support is found at the $547 mark.
1-Day Ethereum price analysis
The ETH price dropped on the 11th of December and hit the $540 to $548 zone. The cryptocurrency traded at the $546.20 mark at the time of writing. The cryptocurrency approached a day’s high of $568.63. The price also fell to a day’s low of $536.05. The overall trade over the 24-hour chart was bearish for the altcoin. The cryptocurrency observed a fall of over $15 just before the 11th of December began.
What to expect from Ethereum?
Chart below depicts that the price will test the falling resistance near the $570 mark. The cryptocurrency has been descending below the red trend line shown below from the 1st of December when the price crossed the $630 level.
The analyst believes that the cryptocurrency has formed a new support zone below the $548 level, and the price should continue to hold this support and enter a long position from here to retest the falling resistance. A retest of the falling resistance might allow the cryptocurrency to break towards the upside. However, the analyst predicts a rise towards the falling resistance as Ethereum‘s next move.
Ethereum price prediction: Fall up next?
The ETH price is descending in a long channel from the end of November. An Exponential Moving Average (EMA) bearish crossover is expected to occur soon, which might cause the price to hit the bears.
The descending channel has shown a wave-like trading pattern for the ETHUSD pair. The crypto should fall to the lower descending boundary of the channel next, after which the ETH price will continue the zig-zag pattern until it concludes the descending channel. At the top of the setup, the horizontal resistance is marked at $618.52, while the wave is expected to extend below the descending channel. The bearish EMA crossover for the 45-EMA and the 80-EMA will only validate the bearish movements that are expected to hit the ETHUSD pair next.
Ethereum to retest the $474 support
A rising wedge pattern can be seen on the 1-day chart for the ETHUSD pair. The price is expected to move into a short position and fall towards the flat support at the $474.15 mark.
The Relative Strength Index (RSI) lies below the midline, which means that the coin is in the neutral region. The cryptocurrency’s price, however, is moving in “a very upward channel”, per the words of the analyst. The price has already tested the top of the channel, and the RSI shows that the bulls have exhausted, which means that the coin might retest the flat support before seeing further ascension.
What’s next for Ethereum?
It is evident that the ETHUSD pair is trading inside the $530 to $620 range from the 23rd of November, and the price is expected to bounce off the bottom of the range and test the midline at $580.
The price pulled back recently and fell to the $530 support. The analyst believes that Ethereum will see a price reversal and then begin to grow over the charts again.