Ethereum Price Prediction: ETH/USD Makes A Quick Retreat; Can Price Maintain $720 Support?

ETH Price Prediction – December 31

ETH/USD is currently retreating as the coin journey towards the $760 resistance level.

ETH/USD Market

Key Levels:

Resistance levels: $800, $820, $840

Support levels: $680, $660, $640

ETHUSD – Daily Chart

At the time of writing, ETH/USD is trading at $740 where a bearish momentum is building. As reveals by the daily chart, the technical indicator RSI (14) shows that the 65-level momentum may be coming into focus after nose-diving below 70-level. Moreover, the 9-day and 21-day moving averages are still visible, suggesting buyers have the ability to regain control.

What is the Next Direction for Ethereum?

Presently, the Ethereum price remains above the moving averages around the upper boundary of the channel. However, the sustainable move above $760 may improve the immediate technical picture and allow for an extended recovery towards the psychological $780. Similarly, any further bullish movement could negate the bearish scenario and bring the resistance of $800, $820, and $840 levels into view.

Meanwhile, the RSI (14) on the daily chart points downwards, signaling that strong downside momentum is likely at this stage. Meanwhile, a failure to regain the ground could worsen the technical picture and lay the ground for the further sell-off towards psychological support created by $700. This barrier is reinforced by the 9-day MA and has the potential to slow down the bears. Any further bearish movement could be located at $680, $660, and $640 support levels.

Against Bitcoin, the market price remains within the descending channel as the bears are dominating the market. The Ethereum (ETH) is currently trading at 0.025 BTC and the bulls couldn’t push the price to cross above the 9-day and 21-day moving averages. Looking at the daily chart, if the market continues to drop, the next key supports may likely be at 0.022 BTC and below.

ETHBTC – Daily Chart

However, on the upside, a possible bullish movement may likely push the market above the moving averages, immediately after this, the resistance level of 0.029 BTC and above could be visited. Meanwhile, the technical indicator RSI (14) is moving below the 40-level and this is suggesting that the market may continue to drop.