Ethereum are trading at 585.32 and continue to move as part of the growth and formation of the “Triangle” pattern. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $66,714,816,046. Moving averages indicate a short-term bullish trend for Ethereum. Prices are testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the rise in the asset value from the current levels. At the moment, we should expect an attempt to correct the value of the coin and test the support level near the area of 560.05. Where can we expect a rebound again and a continued rise in the Ethereum rate with a potential target above the level of 680.05.
Ethereum Forecast and ETH/USD Analysis December 16, 2020
An additional signal in favor of raising the ETH/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the option for the growth of cryptocurrency will be a fall and a breakdown of the level of 515.05. This will indicate a breakdown of the support area and a continuation of the fall in ETH/USD quotes below the level of 475.05. With the breakdown of the resistance area and closing of quotations above the level of 625.05, we should expect confirmation of the development of the rise in Ethereum.
Ethereum Forecast and ETH/USD Analysis December 16, 2020 implies an attempt to correct and test the support area near the level of 560.05. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 680.05. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength index (RSI). Cancellation of the digital currency growth option will be a breakdown of the 515.05 area. This will indicate a continued fall with a potential target below the level of 475.05.
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