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.
Downtrend for ETH
According to an analysis by digital asset exchange platform Coincodex, the USD price of ETH is expected to decline to $922.66 by December 10. Analysis shows that Ether was priced at $1,230 on December 7th (1:00am EST). , there would need to be a decline of around 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 Situation in Ethereum Markets
Explaining the negative outlook for ETH, Coincodex said:
The medium-term trend for Ethereum has been bearish, with ETH down -22.81% over the past 3 months. [to Dec. 5], The long-term picture has been negative for Ethereum, as ETH is currently displaying -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 forecast, the Coincodex ETH Prediction chart suggests that ETH’s decline below $1,000 will only last for 24 hours. ETH price is expected to rise to $1,019.56 by December 11, just a day after tapping a new 30-day low.
