ETH Price Prediction – December 3
ETH/USD is still struggling to stay above $650 as the entire market takes a brief pause.
ETH/USD Market
Key Levels:
Resistance levels: $650, $670, $690
Support levels: $550, $530, $510
ETH/USD is currently recovering above $600 and it is likely to climb back above $630 soon. Ethereum has remained relatively flat for the past four days as the bulls and bears are fighting for the $600 level. The yearly-high remains at $636 with the nearest support level located at $575 in the short-term.
Where is Ethereum Price Going Next?
If Ethereum price breaks above the upper boundary of the channel, it could test the potential resistance at $640. However, a successful break above the channel and $640 could open the doors for a fresh increase above the $645 level. In the mentioned case, the price is likely to rise towards the $650, $670, and $690 resistance levels in the coming sessions.
Moreover, as the technical indicator RSI (14) moves around the 65-level, which means that the market remains at the upside but breaking below this level, may cause the coin to hit the nearest support at the $570 level. If there is a bearish break below the 9-day moving average, ETH/USD could test the $560 support. The next major support is near the $550 level, where the bulls are likely to take a strong stand. Any further losses could lead the price towards the $530 and $510 support levels.
Against Bitcoin, the Ethereum price remains above the 9-day and 21-day moving averages as the market keeps moving sideways; approaching the 0.0320 BTC resistance level. Meanwhile, the 4-hours RSI (14) is revealed moving above 55-level, a slight bullish confirmation.
However, if the price breaks the important 0.032 BTC level, the bulls might push the market back to the 00.033 BTC towards the upper channel. If a breakout occurs above the upper boundary of the channel, traders may expect an immediate resistance at 0.034 BTC and above. Below the channel, the key supports lie at 0.0280 BTC and below.
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