- Ethereum price prediction enters bear territory on hourly charts
- ETH/USD price rejects $480 mark again as price faulters to sustain higher levels
- Ethereum consolidating near the $450 support as bulls await confirmation
Ethereum price movement in the last 24 hours – ETH/USD on shaky ground
Ethereum price prediction is fast moving away from the bullish realm to the bearish as the price has been repeatedly rejected from the $480 level. The bulls are finding it difficult to sustain at higher levels due to excessive pressure selling. The inability to propel the pair above $478 resistance has caused the pair to slide towards $459. Fortunately, the bulls could defend the support at $451 and build a successful bounce back to counteract the hourly bearish move.
The rising wedge pattern is another sign of a weakening rally and a bearish Ethereum price prediction omen. However, the positive aspect of the weekend movement is that bulls have held the support level firmly. The current zig-zag activity is helping the technical indicators cool down. Whether or not this culminates into an accumulation opportunity for the ETH traders remains to be seen.
Historically, December has been a positive month for cryptocurrencies. Superb performance by Bitcoin and a relatively good show by altcoins have created high hopes for next month. It won’t be a surprise if the next two weeks turn into a consolidation period. Hope Ethereum price prediction follows this popular trend.
ETH/USD 4-hour chart – Downside beckons as bulls defend $450 support
The rising wedge pattern is attempting to break the ascending price channel. Last week, bulls managed to stay near the top of the channel, and attempts were made to cross the $478 resistance. However, despite good volumes, ETH/USD was rejected from the $480 mark twice. This gave bears the chance to push the price towards support levels.
The upmove for Ethereum price prediction faces severe selling pressure from the bears, and $500 looks a far-sighted target as of now. If the bears can exaggerate the selling, the price may drop towards 20-day EMA, which stands at $426. Such a move can bring the wedge line’s lower support in the picture and confirm the bearish omens. The ‘Relative Strength Index’ hovers around 67, which means bears will soon be in command if any bullish rally begins.
Conversely, if the bulls are able to maintain their buying momentum with a substantial volume, the rally can paint $488. Ethereum price prediction will then enter bullish territory again, bringing higher resistances like $520 and $550 into the picture.
Will Bitcoin’s optimism hurt Ethereum?
There’s no doubt that Bitcoin is far more popular in the crypto spheres. Ethereum has always been the second-best cryptocurrency. As the price of Bitcoin rises further, traders, investors, and institutional investors will graduate to Bitcoin instead of holding Ethereum in anticipation of higher returns.
Compared to Ethereum, traders are highly bullish for Bitcoin options and futures. That’s because the crypto king has delivered on the promise of higher returns, especially in the past two months. Back in June, traders placed $50k call options were recorded for December 2021. There are significantly bigger bets ready to deploy once the currency crosses $17,000 in the next few days. BTC price has risen 18.5 percent in the past ten days alone. So, the optimism is justified.
As per data, only 28 percent of Ether options worth $613 million were above the $460 level. Most of the traders have booked profits at higher levels and are looking to buy at much lower levels. No wonder there are dark clouds over Ethereum price prediction.
Creating a similar optimism for Ethereum is difficult since the price has been repeatedly rejected from higher resistance. In comparison, BTC/USD demolished its crucial resistance at $16,000 after regularly knocking at higher resistances with a volume Tsunami. Ether traders are not as optimistic as Bitcoin traders due to the declining DeFi as well. Unrealistic expectations won’t carry Ethereum price prediction into positive territory anytime soon.
Ethereum price prediction conclusion – Next week will decide the tug of war winner
Ethereum price touched a low of $451 as bears charged with relentless force on the hourly timeframe. Despite their best efforts to drive the price towards $430 support, bulls stabilized the pair near $450 support. The weekend’s thin liquidity is moving the price in a zig-zag motion.
Traders are looking to close the day above $460 in a bid to paint a bullish story before ETH 2.0 hits the market. However, the real test lies at $471 resistance, where the Ethereum price will face its weekly resistance. Right now, there’s a tug of war between the bulls and the bears as the price hovers in the support-resistance range.
The coin needs broader market support to cross the significant $478 resistance. If an extended crypto rally doesn’t occur next week, the price will be capped at $478 high. If it happens, a breakout will have to cross $490 with massive volumes for the coin to break past the $500 psychological level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.