The price of Ether in US dollars, which is currently hovering around $1,200, is expected to fall to $922.66 by December 10, according to a Coincodex prediction chart. Ethereum is still expected to close the next day above $1,000. According to Cocodex analysis, there are currently 15 technical indicators out of a total of 28 that project a bearish outlook for the asset.
ETH Negative Trend
According to an analysis by digital asset exchange Cocodex, the US dollar value of ETH is expected to fall to $922.66 by December 10. The analysis suggests the price of ether, which stood at $1,230 on Dec. 7 (1:00 p.m. EST), needs to drop nearly 25% for this prediction to come true.
In a report that shares some of the factors that led to the negative price prediction, the Coincodex team also highlights the negative trend of ETH which can be evidenced by its 21.5% decline between Nov. December 5. Similarly, over a 90-day period that ended on December 5, the price of the crypto asset fell almost 23%.
Bearish conditions in Ethereum markets
Explaining the negative outlook for ETH, Cocodex said:
The medium-term trend for Ethereum has been bearish, with ETH falling -22.81% in the last 3 months [to Dec. 5]. Ethereum’s long-term picture is negative, as ETH is currently showing a -69.28% year-over-year price change. On this day last year, ETH was trading at $4,220.95.
After hitting an all-time high of $4,862.24 on November 9, 2021, ETH has fallen almost 75% since then. The prevailing sentiment in Ethereum markets remains broadly bearish with 54%, or 15 technical indicators out of a total of 28, supporting this characterization – hence the lower price forecast.
However, despite the negative prediction, the Coincodex ETH prediction chart seems to suggest that ETH’s drop below $1,000 will only last for 24 hours. Just a day after hitting the new 30-day low, ETH price is expected to rally to $1,019.56 by December 11.
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