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Ethereum (ETH) Price Analysis for December 18

Can Ethereum (ETH) retest $600 before a move to $700?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

A bearish mood might have arrived on the cryptocurrency market as some coins have entered the correction zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The total market capitalization has also been affected by the drop of some coins. As a result, the index has gone down by around $5 billion.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant Ethereum data for today:

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $73,875,614,177

  • Price: $647.69

  • Volume (24h): $21,485,580,784

  • Change (24h): -2.22%

The data is relevant at press time.

ETH/USD: Is there enough power to get the leading altcoin to $700 from current levels?

Yesterday morning, the price of Ethereum (ETH) continued to rise and, in the afternoon, it updated its annual record to $677. In the evening, sales volumes rose sharply and price volatility increased.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

After midnight, volumes began to decline and, this morning, the price has consolidated around the $640 mark. If the market continues to be bullish, the ETH price will continue to rise, and the pair may reach the upper border of the green ascending channel before the end of the weekend.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H time frame, bears are about to seize the initiative as buyers have failed to fix above $660. Thus, there is almost no liquidity at the current levels, suggesting that sellers can push the price of the chief crypto to the closest support at $626 soon.

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Moreover, a bearish divergence has been formed on the RSI indicator.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

In the longer term, Ethereum (ETH) is likely to face a more profound decline as buyers have no intention to go to $700 based on the liquidity level. In this case, the drop may continue to around $600.

Ethereum is trading at $639.60 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com