Ethereum Price Prediction: ETH/USD Consolidates Above $650; Price Could Resume Its Upward Move

ETH Price Prediction – December 18

The Ethereum price is currently correcting gains, but dips are likely to be limited below $630 in the near term.

ETH/USD Market

Key Levels:

Resistance levels: $750, $770, $790

Support levels: $550, $530, $510

ETH/USD is currently recovering above $640 and it is likely to climb back above $675 soon. Ethereum has remained relatively flat for the past two weeks as bulls and bears are fighting for the $600 level. The yearly-high remains at $677.05 with the nearest support level located at $580 in the short-term.

What to Expect from Ethereum

According to the daily chart, ETH/USD is currently testing the resistance level of $650. Meanwhile, a further bearish movement in price towards the resistance level of $750, $770, and $790 may be visited as the 9-day MA is seen crossing above the 21-day MA. However, should in case the bulls’ momentum fails to break above the resistance level of $$700, the market price may reverse and face the south.

Moreover, as the technical indicator RSI (14) remains above 60-level, the nearest resistance is located towards the upper boundary of the channel at the $700 level. If there is a bearish break below the moving averages, ETH/USD could test the $590 support. The next major support is near the $570 level, where the bulls are likely to take a strong stand. Any further losses could lead the price towards the $550, $530, and $510 support levels.

When compares with Bitcoin, the market price has been moving sideways for the past one month trading below the 9-day and 21-day moving averages. Meanwhile, the technical indicator RSI (14) is revealed moving below 40-level giving a slight bearish confirmation.

However, if the coin remains above 0.028 BTC, buyers might push the market price above the moving averages. More so, once a breakout occurs, traders may expect an immediate resistance at 0.031 BTC and above. Below the channel, the key support levels lie at 0.025 BTC and below.