by Terence Zimwara
The U.S. dollar price of ether, which presently hovers around $1,200, is expected to fall to $922.66 by Dec. 10, a Coincodex prediction chart has shown. Ethereum is nonetheless projected to close the following day trading above $1,000. According to the Coincodex analysis, there are presently 15 technical indicators out of a total of 28 that project a bearish outlook for the asset.
According to an analysis by the digital asset exchange platform Coincodex, the U.S. dollar value of ETH is expected to drop to $922.66 by Dec. 10. The analysis suggests ether price, which stood at $1,230 on Dec. 7 (1:00 p.m. EST), must decline by almost 25% for this prediction to become a reality.
In a report which shares some factors that led to the negative price prediction, the Coincodex team also points to ETH’s negative trend which can be evidenced by its 21.5% decline between Nov. 5 and Dec. 5. Similarly, in a period of 90 days that ended on Dec. 5, the crypto asset’s price fell by nearly 23%.
Bearish Conditions in Ethereum Markets
Explaining the negative outlook for ETH, Coincodex said:
The medium-term trend for Ethereum has been bearish, with ETH dropping by -22.81% in the last 3 months [to Dec. 5]. The long-term picture for Ethereum has been negative, as ETH is currently displaying a -69.28% 1-year price change. On this day last year, ETH was trading at $ 4,220.95.
After reaching an all-time high of $4,862.24 on Nov. 9, 2021, ETH has declined by nearly 75% since then. The prevailing sentiment in ethereum markets remains largely bearish with 54%, or 15 technical indicators out of a total of 28, supporting this characterization — hence the price drop prediction.
However, despite the negative prediction, the Coincodex ETH prediction chart seems to suggest that ETH’s drop to below $1,000 will only last for 24 hours. Just a day after tapping the new 30-day low, the price of ETH is expected to rally to $1,019.56 by Dec. 11.
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Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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