ETH Price Prediction – December 1
ETH/USD price is approaching a crucial support level, similar to Bitcoin. The Ethereum price must hold the $145 support to climb towards $160.
Resistance levels: $160, $165, $170
Support levels: $140, $135, $130
At the time of writing, Ethereum is trading down 1.09% at its current price of $150.12, which marks a notable decline from its daily highs of $152.64 that was set today when the bulls attempted to spark another rally. In the near-term, ETH/USD has been able to find some support in the lower $146 level, as it has bounced multiple times after visiting these levels.
The price of the Ethereum was bitten today by the bear. ETH/USD is currently experiencing a price drop. Many traders were expecting a lot from the coin, although November 25 and 27 reflected an improvement in ETH prices. Both Ethereum and Bitcoin started trading with a fall today. Ken Sitara , Market analyzer and Ethereum wallet app founder, predicted that the price is currently moving under the 9-day and 21-day moving averages but changing hands at $150.12 which is yet to break out to the upside or downside of the channel.
Moreover, a bearish drop may continue to roll the market down to the support level of $140, $135 and $130 while possible bullish surge may drive the market above the 9-day moving average to $155 level, while testing the upper channel boundary, the $160, $165 and $170 may further provide resistance levels for the market. MACD is sitting on the negative side and staying there would cause the coin to remain below the $150 support level.
Looking at the daily chart for ETH/BTC, we can see that the price is trying to climb towards the support transformed into resistance. Until this resistance is overcome and the price does not close above the upper limit of the channel, there is no reason to expect a long-term bullish reversal.
Meanwhile, a potentially bearish pullback could meet significant support at the 1995 SAT before falling back to 1950 SAT and 1900 SAT, while buyers could continue to push the market to the potential critical resistances of 2120 SAT, 2170 SAT and 2220 SAT. The MACD signal lines are now on the negative side of the market. A bullish cross could add to the price of the coin while a rejection will reduce the market to lower levels.
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