Ethereum Price Prediction: ETH/USD Goes Back to the Drawing Board; Price May Retest $600

ETH Price Prediction – December 21

The Ethereum price is on the verge of a breakdown to $550, mostly if the support at $600 fails to hold

ETH/USD Market

Key Levels:

Resistance levels: $720, $750, $780

Support levels: $520, $490, $460

ETHUSD – Daily Chart

ETH/USD is in the middle of a retreat that could soon touch $600 following a failed attempt to recover to $650. The coin is teetering at $608.33 amid fresh declines from the recent rejection at $648.35. ETH/USD might complete the bearish leg to $550 if a crucial support area is depressed.

What to Expect from ETH/USD

The bearish outlook may be abandoned if Ethereum closed the day above $645 and perhaps reclaimed the ground past $650. Meanwhile, the 21-day moving average seems to be holding the fort, allowing bulls to flex their muscles. This zone, in conjunction with the immediate support at $580, must hold to ensure that potential losses to $550 are averted. In addition, if the coin drops below the lower boundary of the channel, it could hit the supports at $520, $490, and $460.

Moreover, it is worth noting that, the bearish outlook could be invalidated if Ethereum defends the immediate support area. However, the upward price action might push the price of Ethereum above the upper boundary of the channel. Meanwhile, trading above $700 is likely to encourage more buyers to join the market, thereby pulling the price to the potential resistance levels of $720, $750, and $780.

When compares with Bitcoin, the Ethereum price is seen moving downward as the pair trades below the 9-day and 21-day moving averages. The price started falling and the RSI (14) indicator nosedives below 35-level to enter into the oversold region, which might be considered as more downtrends for the market.

ETHBTC – Daily Chart

On the other hand, ETH/BTC may continue to decline if the bears put more pressure on the buyers. Therefore, any further bearish movement may bring the price below the lower boundary of the channel to hit the support levels of 2400 SAT and below. Meanwhile, if there is a rebound, the Ethereum price may likely go up to cross above the moving averages to hit the resistance level of 2700 SAT and above.

Remember, all trading carries risk. Past performance is no guarantee of future results.

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.