Ethereum Price Prediction – December 12
The Ethereum price prediction shows that ETH is likely to break above the moving averages as eyes are currently glued on $4200.
Resistance levels: $4700, $4900, $5100
Support levels: $3600, $3400, $3200
ETH/USD is seen refreshing to a new high after touching the daily low of $3989 to breaches above $4100 as the coin currently trades at $4147 with a bullish crossover and trend in the intraday. Today, the number two crypto is likely to trade above 9-day and 21-day moving averages as the higher resistance is expected at $4500 resistance level.
At the time of writing, the Ethereum price is likely to increase the bullish movement if the price crosses above the moving averages. Currently, the technical indicator Relative Strength Index (14) is moving around 46-level at the moment and may likely send bullish signals to encourage more buyers to enter the market.
Meanwhile, in as much as the 9-day MA remains below the 21-day MA, the coin may remain below the moving averages and the price could hit the support levels at $3600, $3400, and $3200 respectively. More so, if the technical indicator Relative Strength Index (14) crosses above 50-level, there may be a strong bullish movement which could push the market to the resistance levels of $4700, $4900, and $5100.
When compares with Bitcoin, Ethereum (ETH) is trading within the 9-day and 21-day moving averages as the price makes a retreat back below the opening price of 8279 SAT. However, for the fact that the market remains in the ascending channel, the crypto is likely to cross above the 21-day moving average.
However, if the buyers push the market price above and face the upper boundary of the channel, ETH/BTC may likely touch the resistance level of 5900 SAT and above. Meanwhile, a strong selling pressure may likely bring the price below 9-day MA and this could attract new sellers coming into the market with the next focus on the support level of 7700 SAT and below while the technical indicator Relative Strength Index (14) remains below 60-level.
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