Cryptocurrencies

Ethereum Price Prediction: A Tainted Fight for the Bulls’ Comeback

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Written By: Faith Maina
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    Summary:
  • Ethereum price remains under pressure; a trend that is observable in other cryptocurrencies.

Ethereum price has edged lower in Friday’s session; a trend that is observable in other cryptocurrencies. For instance, the leading crypto by market capitalization – Bitcoin – is currently at $47,647.94 after hitting a high of $49,568.35 on Thursday. However, the boost from a hawkish Fed policy wasn’t enough for it to hit the crucial level of $50,000.

In comparison, Ethereum is still below the key zone of $4,250. In the ensuing sessions, the digital currencies will likely remain under pressure.

Ethereum price prediction

ETH has eased after pulling back from Thursday’s high. In the previous session, it hit an intraday high of 4119.92 before pulling back. At the time of writing, it was up by 0.17% at 3,964.03.

On a four-hour chart, Ethereum price is trading long the 25-day EMA and slightly below the 50-day EMA. Besides, it is still below the long-term 200-day EMA.

While I hold a bearish bias, the crypto will likely remain subject to heightened volatility in the short term. In the ensuing sessions, the range between 4,119.92 and 3,889.36 will be one to look out for.

A move above the range’s upper border will give the bulls an opportunity to retest the psychologically crucial level of 4,250. However, to hit the target, there will need to be enough momentum to push Ethereum price past the 200-day EMA at 4,176.55. On the flip side, a decline past the horizontal channel’s lower border will likely place the support zone at 3,750.

Ethereum price

This post was last modified on Dec 17, 2021, 06:12 GMT 06:12

Written By: Faith Maina

Faith Maina is a financial analyst and economist. She holds a Bachelor’s Degree in Economics and is underway in her Master’s degree course. She has an expansive understanding of global markets and their drivers. Her specialities are currencies, crypto, commodities, and equities. She lives in Nairobi, Kenya with her husband and son.

Published by
Written By: Faith Maina