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Ethereum Price Prediction: ETH/USD Slides Below $4038 Resistance

Ethereum Price Prediction
Ethereum Price Prediction

Ethereum Price Prediction – December 28

The Ethereum price prediction shows ETH sitting at a crucial support level that could determine where the coin will be heading to in the next negative move.

ETH/USD Market

Key Levels:

Resistance levels: $4400, $4500, $4600

Support levels: $3600, $3500, $3400

Ethereum Price Prediction
ETHUSD – Daily Chart

At the time of writing, ETH/USD follows in the footsteps of the flagship cryptocurrency as the coin is seen dropping towards the lower boundary of the channel. The Ethereum price failed to create a new high above the resistance level of $4128. However, if there is short-term selling pressure, Ethereum could most likely tackle it and make a comeback at the level mentioned above.

Ethereum Price Prediction: Ethereum (ETH) May Go Lower

Looking at the daily chart, the Ethereum price is currently hovering below the 9-day and 21-day moving averages. However, the increasing selling pressure therefore brings ETH/USD to touch a new low at $3851.34. However, should the red-line of the 9-day moving average crosses above the green-line of the 21-day moving average, the price of Ethereum could rebound and face the upside.

Furthermore, as the daily chart reveals, if the buyers manage to push the coin to the upside, a slight upward movement could take the Ethereum price towards the upper boundary of the channel for the coin to hit the resistance levels of $4400, $4500, and $4600. Therefore, a failure to stay above the moving averages could spell trouble for the Ethereum (ETH).

Looking at the downside, the downswing may trigger a sell-off below the lower boundary of the channel. As the technical indicator Relative Strength Index (14) moves to cross below 40-level, it is likely for the Ethereum price to locate the supports at $3600, $3500, and $3400.

When compares with BTC, the last few hours have revealed a breakdown on the long channel after a continuous selling pressure in the market which led to the current trading price at around 7967 SAT. However, this reveals that bears are in control of the market. The Relative Strength Index (14) is now seen below 50-level, revealing the ongoing price drop.

ETHBTC – Daily Chart

However, when observing the technical indicator, Ethereum continue to signal a downward movement and with this, sellers can take the market to the support level of 7500 SAT and below. However, if the buyers push the market back above the 9-day and 21-day moving averages, the resistance level of 8500 SAT and above could be visited.

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