ETH Price Prediction – December 29
Ethereum (ETH) bulls are attempting to gain control over the momentum but have failed to break above the 50-level on the RSI (14) so far.
Resistance levels: $140, $150, $160
Support levels: $110, $100, $90
ETH/USD continued to rise higher above the $130 level but has struggled to make any ground above the resistance at $133. The second-largest cryptocurrency with the current market capitalization of $14.6 billion has been range-bound recently. The coin faced stiff resistance on approach to psychological $130 and settled at $132.79 as at the time of writing. ETH/USD has gained about 3.82% on a day-on-day basis since the beginning of today’s trading.
In the early hours of today, ETH/USD bulls have retained control of the market. Yesterday’s trading has been a resounding victory for the bulls as Ethereum’s price jumped up, breaking above the 9-day moving average. The daily breakdown showed us that ETH/USD was following an uptrend before it dropped to $127.66 where it closed.
However, Ethereum price is moving within the ascending channel and above the 9-day moving average but moving towards the 21-day MA. More so, should in case the bulls maintain its upward movement, they may likely push the price to reach the resistance at $140, $150 and $160 levels, otherwise, there is a possibility of it getting to the support levels at $110, $100 and $90 respectively because the RSI (14) is already at 45-level.
When compared with Bitcoin, the daily chart shows that Ethereum’s price is trading well in a strong uptrend around 0.0180 BTC. As soon as the price is above 0.0181 BTC, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above 0.0182 BTC is close to the 0.0184 BTC level. If the price keeps rising, it could even break the 0.0186 BTC and above in future sessions.
Meanwhile, if the bears regroup now, the 0.0174 BTC and 0.0170 BTC supports may play out before rolling to 0.0166 BTC and this may create a new monthly low for the pair. However, the daily outlook is still looking bullish as the RSI (14) is recovering from the oversold zone to enhance the bullish movement.
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