Ethereum price prediction: ETH facing bearish momentum, analyst

Description

TL:DR Breakdown Ethereum price prediction expects a bearish momentum ahead. A possible head and shoulder is forming on the charts. Current support is found at the $580 mark. Pullback can take the price as low as $480. The queen of cryptocurrencies has had a rocky day. From a low of $577 to a high of … Read more

TL:DR Breakdown

  • Ethereum price prediction expects a bearish momentum ahead.
  • A possible head and shoulder is forming on the charts.
  • Current support is found at the $580 mark.
  • Pullback can take the price as low as $480.

The queen of cryptocurrencies has had a rocky day. From a low of $577 to a high of $603, there had been some abrupt ups and downs. The fluctuations of Etereum are similar to the king of cryptocurrencies, Bitcoin, albeit the queen has had more violent ups & downs relatively. 

So far the queen of cryptocurrencies has not dropped lower than the lowest support line at $562 even after the drastic crashes. The queen had been flirting with the closest resistance level at $620 and analysts predict it might, very soon, be passing the resistance. Current support is found at the $584 mark and the price stands at $609 mark.

Out of the 28 technical indicators, 18 are giving out a strong buy with just 1 sell and the rest neutral. Moving averages also indicate a strong buy whereas oscillators are signalling buy. All in all, predictions seem hopeful and it could be the right time to buy Ethereum

Ethereum price prediction: What to expect?

Ethereum currently seems to be bullish, with bullish trends, high prices, and most of the indicators signaling a strong buy. However, investors need to stay cautious because this could very well be the formation of a bull trap and the queen can fall to staggering low price levels. It is, after all, the norm to fall into correction after major bullish trends. 

Not all Ethereum price predictions are optimistic; after all, we are talking about cryptocurrency. Analyst, Vince Prince, has followed the queen’s movement closely comparing with that of king Bitcoin. Prince’s Ethereum price prediction explains that the queen followed the king to a bull-trap and came close to falling down the first ascending (blue) trend line.

Although the queen was saved, Prince predicts testing times for the queen as it approaches a strong resistance cluster, and the moment of truth will likely arrive somewhere around the 4th of December.

The resistance cluster is definitely going to pull the queen down but if upon reaching the second ascending trend line the queen was not able to sustain itself and stabilize along the trend line then it is most likely going to fall in the pull-back extension zone. There is a possible recovery zone near the second ascending trend line and stabilization near the zone can lead to hopeful bullish trends. 

But, if following the trajectory of the red line from A to B to C, the queen will drop below the current support level at $562 and dark times are upon the queen if that happens. Ethereum can be expected to drop to a staggering $480. At the time of writing, bearish volatility is the expected trend.  

Leading analyst, Alan Masters, is also pointing out signs of bearish trends. A strong bearish candle was also formed yesterday and various bearish divergences are present near the Relative Strength Index and the Moving Average Convergence/Divergence. However, prices are seen to be above the EMA10 and all hope does not seem to be lost. 

In the end, analysts warn of overspeculation. And the bearish trend of Ethereum does not indicate that it is completely bearish and as the market is so unpredictable Ethereum could surprise us all. 

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