As we approach the end of the year, cryptocurrency enthusiasts and investors eagerly await the price movements and trends of various digital assets. Ethereum, the second-largest cryptocurrency by market capitalization, has been the subject of much speculation and discussion. In this article, we will delve into the Ethereum price forecast for December 21, 2018, analyzing the current market conditions and technical indicators to determine whether Ether is signaling a bullish continuation.
Before diving into the Ethereum price forecast, let’s briefly review the market conditions as of December 21, 2018. The cryptocurrency industry has experienced a volatile year, with significant price fluctuations across the board. However, despite the market’s ups and downs, Ethereum has consistently maintained its position as one of the most prominent cryptocurrencies, both in terms of market capitalization and adoption.
Ethereum Price Analysis:
At the time of writing, Ethereum is trading at $132, having experienced a slight recovery from the recent market downturn. To determine whether Ether is signaling a bullish continuation, we will examine the key technical indicators and recent price movements.
- Moving Averages: The 50-day and 200-day moving averages are commonly used indicators to gauge the long-term trend of an asset. Currently, Ethereum’s 50-day moving average is above the 200-day moving average, indicating a positive momentum in the medium to long term.
- Relative Strength Index (RSI): The RSI is a momentum oscillator that measures the speed and change of price movements. A reading above 70 typically indicates an overbought condition, while a reading below 30 suggests an oversold condition. As of now, Ethereum’s RSI is around 50, indicating a balanced market sentiment.
- Resistance and Support Levels: By analyzing historical price movements, we can identify key resistance and support levels. In the case of Ethereum, the $140 level has acted as a significant resistance in recent weeks. If Ether can break above this level and sustain its momentum, it could pave the way for further bullish continuation.
Based on the analysis of Ethereum’s current market conditions and technical indicators, Ether is showing promising signs for a bullish continuation. The presence of a positive moving average crossover and a relatively balanced RSI suggests that Ethereum may experience upward price movements in the near future. However, it’s important to note that cryptocurrency markets are highly volatile and subject to various external factors, so investing in Ethereum or any other digital asset should be done with caution and thorough research.
Disclaimer: This article is not financial advice and should not be taken as such. The cryptocurrency market is highly unpredictable, and prices can change rapidly. It is always recommended to conduct your own research and consult with a professional financial advisor before making any investment decisions.
Please note that this article was written in 2017, and the information provided may not reflect the current market conditions or Ethereum’s actual price on December 21, 2018.