The bullish predictions about the price of Ethereum continue. Check out the latest reports coming from the publication CoinDesk.
The popular online publication noted that the short-term pattern for Ethereum has turned bearish with the crypto finding acceptance under crucial support.
Ethereum price today
ETH fell more than 8% on Monday, falling below an uptrend line connecting July and September lows.
The second coin in terms of market cap printed a UTC close under the widely-tracked 100-day moving average with the long-held support level of $3,900 turning into resistance.
As CoinDesk notes, the breakdown is backed by a below-50 reading on the daily relative strength index chart, which could encourage more selling.
The weekly histogram of trading indicator moving average convergence divergence (MACD) also fell below zero, and this showed a bearish trend.
“Both the weekly stochastics and MACD are on sell signals, which calls for risk management,” Katie Stockton, founder, and managing partner of Fairlead Strategies, said in a weekly research note published late Monday.
Extended sell-off could find support near $3,250 – the current level of the 200-day moving average.
According to Stockton, the broader outlook remains constructive with monthly MACD and long-term trend gauges still showing bullish signals.
“It is important to note that ether confirmed a breakout to new all-time highs in November for a measured move projection near $6000, providing a long-term bullish framework,” she noted.
At the moment of writing this article, ETH is trading in the red and the coin is priced at $3,811.
Crypto analyst and trader Michaël van de Poppe analyzes what’s in store for one of the top Ethereum competitors next year.
In a new strategy session, he said that both Avalanche (AVAX) and Solana (SOL) have grown in popularity this year as competitors to Ethereum (ETH).
Stay tuned for more news and make sure to keep your eyes on the market.