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Ethereum Price Prediction: ETH/USD May Continue to Struggle on Approach to $650

ETH Price Prediction – December 2

It is likely for Ethereum (ETH) to lose traction as a breakdown to $550 lingers.

ETH/USD Market

Key Levels:

Resistance levels: $680, $700, $720

Support levels: $500, $480, $460

ETHUSD – Daily Chart

According to the daily chart, ETH/USD is yet to clear the hurdle at $600 following the fall from the new yearly high of around $636. The bears seem to be gaining momentum under the short-term resistance, despite the fact that the coin trades above the 9-day and 21-day moving averages. On the downside, support is provided by an ascending trend-line.

What to Expect from ETH/USD

On the upside, the Ethereum (ETH) may abandon the bearish outlook if the price closes the day above $600. Moreover, suppose stability comes into the market above this crucial level, the buyers could have time to plan the coin for gains above the $700 resistance level. Therefore, any further bullish movement across the upper boundary of the channel could locate the potential resistance levels at $680, $700, and $720 respectively.

On the downside, if the price drops below the 9-day and 21-day moving averages, the coin is likely to locate the critical support at $520 which is a close support level for the bears. However, a bearish continuation could bring the market to $500, $480, and $460 support levels. Nevertheless, the trend may move sideways as the technical indicator RSI (14) moves in the same direction above the 60-level.

Against Bitcoin, the recent price decline continues to place the Ethereum price on a range-bound after witnessing a bullish price action a few days ago, More so, the price action is currently trading above the 9-day and 21-day moving averages. Looking at a long-term bear market, the 0.028 BTC, 0.026 BTC, and 0.024 BTC could provide further support levels for the next selling pressure.

ETHBTC – Daily Chart

Moreover, according to the daily chart, the sellers may likely return to the market after a little indecisive appearance. However, if the 0.031 BTC can act as a solid line of defense against any further downtrend; buy pressure at 0.034 BTC, 0.036 BTC and 0.038 BTC resistance levels may come to play. Meanwhile, the RSI (14) is currently moving sideways above the 50-level.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.