ETH/USD Ready for $4200 Level

Ethereum Price Prediction – December 24

The Ethereum price prediction is getting ready to trade above the resistance level of $4200 as the market moves sideways.

ETH/USD Market

Key Levels:

Resistance levels: $4500, $4700, $4900

Support levels: $3700, $3500, $3300

ETH/USD is currently ranging around $4100 and it is likely to climb above the resistance level of $4200 soon. Ethereum has been trading bullishly for the past few days and the coin is now struggling to stay above the 9-day and 21-day moving averages. The Litecoin price is getting ready for the upside as the red-line of the 9-day moving average is likely to cross above the green-line of the 21-day moving average.

Ethereum Price Prediction: Ethereum (ETH) May Break to the Upside

If the Ethereum price break and remain above the 9-day and 21-day moving averages; it could hit the $4200 resistance. However, a successful break above this level could open the doors for a significant increase above the $4400 level. In the mentioned case, the coin is likely to hit the potential resistance levels of $4500, $4700, and $4900 in the coming sessions.

Moreover, as the technical indicator Relative Strength Index (14) moves around 50-level, the nearest support is located below the lower boundary of the channel at $3800 level. If there is a bearish break below this support, ETH/USD could test another support below the channel. The next major support is near the $3750 level, where the bulls are likely to take a strong stand but any further losses could lead the price towards the support levels of $3700, $3500, and $3300.

When compares with Bitcoin, the Ethereum price is moving bearishly as the coin remains around 8032 SAT. Therefore, as soon as the price slumps under the 9-day and 21-day moving averages, there is a possibility that additional supports may be created in the long term. However, the next support level below the current price is close to the 8000 SAT. More so, if the price keeps falling, it could hit the critical support at 7500 SAT and below.

ETHBTC – Daily Chart

On the contrary, if the bulls resume back, the 8200 SAT and 8500 SAT resistance may play out before rising to the potential resistance level of 8700 and above. However, the daily outlook is looking bearish as the technical indicator Relative Strength index (14) moves below 50-level, which suggests downward movement for the market.

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