Ethereum Price Analysis & Prediction (Dec 10th) – ETH Drops After Tapping $1300, Bearish Formation in Play

2022-12-11 07:49

The break and retest pattern appeared finished as Ethereum prepared for a new swing low. The price is still trapped in a supply zone due to low trading volume. A huge sell-off is imminent.

Ethereum has started to show signs of weakness again after it tapped $1300 on Monday. The price dropped to a daily low of $1213 and bounced a bit to a trading price of $1230.

The price continues to respect the channel pattern, which trapped the price actions since late 2021. The sellers are showing interest again. But this time, we need to see the price drop below the $1k level to confirm a continuation. 

It similarly formed a lower low and lower high pattern on the 4-hour chart, which indicates that bears are stepping back in the market. Although, the setup is steadily building up. A swing low to $900 might just be in play. 

ETH bulls have been reacting quickly and strongly to price actions lately as the market nears the bottom. As a result of this, all the latest bearish signals could invalidate with just a bullish engulfing. And if such a scenario happens, the price could break out of this channel for a fresh bull run. As of now, the market is under the control of the bear.

Ethereum Price Analysis (ETH/USDT) – Daily Chart Source: Tradingview

The price is down by 1.7% over the last 24 hours. If Ethereum’s price keeps dropping, particularly below the $1200 level, we can expect selling pressure toward $1077. Below this level lies the psychological $1000 support and then $927.

However, if the market shows strength and breaks above the long-term channel, the closest resistance to keep in mind is $1403, followed by $1500. The $1678 resistance will be the next level to watch if the price continues to increase.

Key Resistance Levels: $1,403, $1,509, $1,678.

Key Support Levels: $1077, $1,000, $927

Spot Price: $1,232 Trend: Bearish Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: nexusplexus/123RF // Image Effects by Colorcinch origin »

Ethereum (ETH) на Currencies.ru

$ 3389.6 (+0.11%)
Объем 24H $25.378b
Изменеия 24h: -0.64 %, 7d: -0.41 %
Cегодня L: $3314.94 - H: $3396.54
Капитализация $408.354b Rank 2
Цена в час новости $ 1275.3 (165.79%)

ethereum price low 1300 huge sell-off imminent

Источник: nulltx.com

ethereum price → Результатов: 126


Фото:

Ethereum Price Prediction: Inverse Head And Shoulders Pattern Says ETH Will Touch $12,000

The Ethereum price is showing signs of a breakout, as an analyst has identified the formation of an inverse head and shoulder pattern on its 6-month long-term price chart. This bullish formation has fueled predictions that Ethereum could rally to $12,000 soon, marking a new all-time high for the second-largest cryptocurrency by market capitalization.

2024-12-26 14:30


BlockDAG Presale Hits $76.2M Mark—While Ethereum Prices Plummet & Litecoin Defies Odds

The drop in Ethereum’s price points to a market walking on eggshells, with sellers taking the upper hand, challenging critical support levels and raising investor concerns. In contrast, Litecoin shows signs of bouncing back, with its price actions hinting at potential yet with a reserved optimism in the volatile crypto market.

2024-9-27 03:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

200k Ethereum genesis whale awakens: $11.37m sent to Kraken

A whale who received 200,000 ETH during Ethereum’s 2015 genesis block has moved closer to completing their market exit, transferring 3,370 ETH (valued at $11.37 million) to Kraken.  According to data shared by crypto analyst EmberCN, the whale transferred 48,687…

Bitget sets to innovate gas payments with BGB token amid major 40% supply burn

Bitget Wallet will prioritize its native BGB token for multi-chain gas payments via its innovative GetGas feature starting January 2025, according to a Dec. 27 statement shared with CryptoSlate. This initiative is set to streamline operations across multiple blockchains, including Ethereum, Solana, BNB Chain, Polygon, Base, Arbitrum, Optimism, TON, and Tron.