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Ethereum Price Prediction: ETH/USD Faces Restraints as the Price Falls Below $125

ETH Price Prediction – December 25

Ethereum loses more than 2.5% in one day and goes below $125 level. The next target support for ETH/USD may come at $120.

ETH/USD Market

Key Levels:

Resistance levels: $140, $150, $160

Support levels: $120, $110, $100

ETHUSD – Daily Chart

ETH/USD collapses to $124 and it doesn’t look good on the investors. Ethereum (ETH) is among the best-performing crypto-currencies on the coin market cap. Meanwhile, the buyers blamed the $140 critical support for boosting bears’ pressure on the market since December 16. Several areas of support have failed, including $135 and $130. However, the support areas of between $120 and $115 have been well established.

Nevertheless, the daily chart still shows that Ethereum’s price is trading at $124.33 in a downtrend below the 9-day and 21-day moving averages and should the price move below $122, there is a possibility that the price could hit another critical support levels at $120, $110 and $100 as the stochastic RSI signal-line faces down.

However, in as much as the $122 support level could halt the bear’s pressure, the price may likely begin an upward movement. More so, if the bulls put more effort, the price may reach the potential resistance levels of $140, $150 and $160 respectively.

When compared with Bitcoin, Ethereum (ETH) is currently hovering at 0.0172 BTC after witnessing some heavy bearish moment in the last few days. Looking at the daily chart, the current trend of the coin is still the same but yesterday, the bulls tried and pushed the coin towards the 9-day moving average within the descending channel after which it started falling again today.

ETHBTC – Daily Chart

More so, if the bulls manage to put more effort, the coin may soon find a resistance level at 0.0185 BTC and above. However, ETH/BTC is currently consolidating and any movement below the descending channel may possibly reach the support levels at 0.0160 BTC and below as the stochastic RSI is extremely within the oversold.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.