Ethereum continues to go sideways during the trading session but overall has a slight upward tilt after reaching a New All-time High Above $800. Here is the 19-24 December Ethereum Technical Prediction.
19 December, AtoZForex – Ethereum the second most abundant cryptocurrency by market cap reached new highs above $800 level, after an incredible bullish rally which nearly doubled its price in nine days. Ethereum’s currently has a market capitalization of $80 billion. The Ethereum prices surged around 40% with a high of $868.43 in a Week. Will the Ethereum Price continue its momentum to reach the $900 price level by the end of this week?
19-24 December Ethereum Technical Prediction
Ethereum price rallied initially during the trading session, reaching as high as $868.43. However, the charts have a significant selloff based upon the total volume later in the day. Moreover, I found there is enough bullish pressure to turn things around and the rally a bit. The Ethereum is going to make a break before moving to $900 level.
According to Fibonacci retracement chart, the ETHUSD is trading above 78% Fibo. Retracement level. Traders should wait for the small correction and wait till the price reaches below 50% Fibo. Retracement level. I see a buying opportunity at $770- $740 level if the small correction in few days.
The relative strength index(14) value is 85.46 which signify Ethereum is Overbought.
The MACD(12,26) value is 116.910 also gives buying signal in weekly charts.
Moreover, according to ATR(14), the ETHUSD pair is highly volatile.
The Ethereum has significant strong support near $480 level and resistance at $820 level.
ETHUSD Weekly Pivot Point
What’s your opinion on the 19-24 December Ethereum Technical Prediction? Let us know in the comment section below.