- Ethereum price prediction expects compact fluctuations.
- ETH/USD volume contracts inline with current market sentiments.
- Bullish progress in line with low volatility.
The Ethereum price prediction by Vince Prince shows that the ETH price will retest the $575 to $580 zone before falling bearish towards the $500 mark and below. The cryptocurrency moved to the $550 mark on the 10th of December.
1-Day Ethereum price analysis
The ETH price rose across the $576 mark on the 24-hour chart for the trading pair. The overall trade on the day was bullish for the cryptocurrency that reached a day’s high of $577.97 on Bitstamp. The lowest price was achieved near the beginning of the chart when the altcoin turned bearish and slipped below the $532 level to reach a day’s low of $530.79. At the time of writing, Ethereum was priced at $550.63.
Ethereum price prediction: Retest above the $575 level?
The chart by Vince Prince for the ETHUSD pair shows that the cryptocurrency is moving in a wave-pattern, and the price will see rejection near the resistance at $576. The analyst believes that the cryptocurrency will head for this resistance again before it falls bearish to the bigger support trend line dotted in black on the chart below.
The analyst expects the price to break below the ascending trend line and continue bearish until it reached the double-top-neckline at the bottom of the trade setup. Per the analyst’s chart, this bottom support lies at the $497.10 mark, and the price may fall below this zone to reach the double-top-continuation region. The double top pattern was completed on the 3rd of December, after which the cryptocurrency has been moving towards the downside. A double top pattern is a bearish indicator. The analyst believes that the price will break below multiple support lines before completing the bearish move from the double top pattern.
What’s next for Ethereum?
The cryptocurrency’s price has been riding above and below the $560 to $570 zone for the past few days, and the analyst expects the altcoin to test and break across the $580 resistance. This resistance line originated on the first of December when the price hit its high above the $630 level.
A wider view of the chart shows that the coin formed a triangle pattern and fell below it on the 8th of December. The price is expected to rise towards the falling resistance and retest it near the $575 to $580 range. On the 10th of December, the ETH price saw a fall and closed near the $550 level.
What to expect from the ETH price?
Ethereum has been consolidating in the $555 to $600 trading range from the 29th of November, with multiple tests of the $600 resistance.
The price has been riding this resistance and trading below it for a prolonged period. We can also see spikes in the trade volume per the chart above. Right now, the cryptocurrency has moved to the $555 flat support, and the analyst expects the altcoin to retest the $600 zone. If the cryptocurrency goes long from here, it might gather and possess enough bullish momentum to break towards the upside from the resistance level.