Ethereum Price Prediction: ETH/USD Trades Around $147; More Pains May Surface

Last Updated on

ETH Price Prediction – December 3

For now, the Ethereum price is facing a fresh round of selling. The coin remains at a risk of more downsides if it breaks the $145 support.

ETH/USD Market

Key Levels:

Resistance levels: $158, $163, $168

Support levels: $136, $131, $126

ETHUSD – Daily Chart

A few days ago, ETH/USD had been stuck around the trading price area of $151 and $145, after falling from $157 and then $151 price levels. The trading session of last week reveals that the Ethereum price was around its usual resistance level at $151.01, from where it rose to the following at $154.59. Before the end of the day, ETH mounted as high as $151.53 just to start plunging yesterday and today falling drastically.

However, ETH/USD is trading below the moving averages of 9 and 21 days at $147 as at the time of writing, having trying to recover from the intraday low of $145.90. The second-largest crypto in the coin market cap, with a current market value of $19.12 billion, has lost 0.39% of its value since the beginning of today and has remained virtually unchanged from day-to-day.

Moreover, the Ethereum price continues to follow the downtrend but still within the channel and any attempt to break below the channel, the bears may reach the potential support at $136, $131 and $126 levels. Conversely, if the bulls push the price above the moving averages and maintain the upward movement across the channel, the buyers may likely find resistance at $158, $163 and $168.

Similarly, the RSI (14) is moving in the same direction below level 40, which indicates that the bears are still in control.

Against Bitcoin, the market price remained in the descending channel but the bears are trying to take over the market. ETH/BTC is currently trading at 0.0202 BTC and the bulls couldn’t push the price to cross the channel. Looking at the chart, if the market continues to drop, the next key supports may likely be at 0.0195 BTC and below.

ETHBTC – Daily Chart

However, on the upside, a possible bullish movement may likely push the market above the channel, when this is done, the resistance level of 0.0212 BTC and above could be visited. The stochastic RSI is recovering from the oversold zone and this indicates that the market may continue to fall.

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.

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

About AzeezMustaph

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.

Leave a Reply

Your email address will not be published. Required fields are marked *