Ethereum are trading at 3860 and continue to move as part of the correction and the downward channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $454,045,261,319. Moving averages indicate a short-term bearish trend for Ethereum. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the decline in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the coin and a test of the resistance level near the 4065 area. Where can we expect a rebound down again and a continuation of the Ethereum rate fall with a potential target below 3165.
Ethereum Forecast and Analysis December 16, 2021
An additional signal in favor of reducing the ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the level of 4505. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 5055. With the breakdown of the support area and closing of quotations below 3485, we should expect confirmation of the development of a bearish movement in Ethereum.
Ethereum Forecast and Analysis December 16, 2021 assumes an attempt to correct and test the resistance area near the level of 4065. Where can we expect a rebound and the continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 3165. An additional signal in favor of Ethereum’s decline will be a test of the trend line on the relative strength indicator. Cancellation of the option to reduce the digital currency will be a breakdown of the 4505 area. This will indicate a continued rise in the digital currency with a potential target above the level of 5055.
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