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Ethereum Price Prediction: ETH/USD Moves Within Northward Paths, Price Slightly Pushes Past the Upper Channel

Ethereum Price Prediction – December 31

ETH/USD market has continued to feature in a channel kept pointing to the northbound over a couple of trading sessions until the present.

ETH/USD Market
Key levels:
Resistance levels: $850, $900, $950
Support levels: $600, $550, $500

ETHUSD – Daily Chart
ETH/USD has continued progressively to trade northward since around November 2, while it saw a lowly value near below $400 mark. The Cryptocurrency appears to maintain its path to the north direction for a reasonable number of trading days’ sessions to come. Ideally for strong upward price moves continuation, the market needs a relative decline towards or around a value of $650.

Where is ETH Price Going Next?
At the present, trading operations have been featuring a bit over the northward upper channel trend-line below $750 market value. A forceful rejection around the price point mentioned earlier may eventually put the crypto-trade to start seeing selling moves. Meanwhile, the market value at $550 will be serving as the critical price level against any possible sudden downward movement.

In the meantime, the crypto is more likely to maintain its position as paired with the fiat value in the market. However, traders are encouraged to back up their position entry with a decent price action, especially, when a rejection is clearly spotted around $750 and $800 market lines.

ETHBTC Price Analysis
When Compared to Bitcoin, the Ethereum is a bit behind the flagship crypto-currency mooning in an ascending channel. Being as it is, the bears haven’t had any strong repellant force against the upswings of the ETHUSD trade. The Stochastic Oscillators are moving in a consolidation mode within the overbought region to depict that bullish movement scenario is still in focus.

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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.

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