Ethereum Price Prediction – December 9
The Ethereum price bulls couldn’t climb above $4500 mark as the second largest coin heads to touch the daily low at $4076.
Resistance levels: $4800, $4900, $5000
Support levels: $3600, $3500, $3400
According to the daily chart, ETH/USD is hovering at $4164 as the coin couldn’t climb above the $4500 resistance level. However, the Ethereum has not seen any major pullbacks yet and may use the trend-line of the lower boundary of the channel for support if it happens. More so, the most important signal for Ethereum is the break of $4500, which represented a major resistance level. If the bulls can stay above the 9-dat and 21-day moving averages, they may absolutely confirm a monthly uptrend.
The Ethereum price may succumb to selling pressure if the price drops below the channel at $3700 support. Meanwhile, the price of Ethereum hasn’t changed much during the past few days despite the massive flash crash down to $4000 suffered yesterday.
Moreover, the technical indicator Relative Strength Index (14) is seen heading to the south, if the signal line drops below 40-level, the market price may likely resume the downtrend to hit the supports at $3600, $3500, and $3400, but if it breaks above the 60-level upward, the potential resistance at $4800, $4900, and $5000 may be visited.
Against the BTC, the price of Ethereum is clearly bullish. As the price rises, buyers are likely to pose more pressure which may likely reach 9000 SAT where the nearest target is located. However, an eventual break above the upper boundary of the channel may cause the coin to spike.
Moreover, any bearish movement could hit the main support at 8300 SAT before falling to 8200 SAT and below as the Relative Strength Index (14) is seen moving out of the overbought zone. However, if the price breaks above the channel, the buyers may resume back and push the market to the potential resistance at 9200 SAT and above. Nevertheless, ETH will continue to fall if the sellers continue to release the pressure.
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