USD Price of Ether on the Move Coin Codex $1,200 is expected to fall to $922.66 by December 10, according to the forecast chart for Nevertheless, Ethereum is expected to close above $1,000 the next day. According to Coincodex analysis, there are currently 15 technical indicators out of a total of 28 predicting a bearish outlook for an asset.
Analysis by Digital Asset Exchange Platform Coincodex According toETH is 12 It is expected to drop to $922.66 by March 10th. The analysis suggests that the price of Ether, which was at $1,230 on December 7 (1:00 PM EST), would have to drop almost 25% to reach this forecast. reality.
In a report sharing some of the factors that led to the negative price forecast, the Coincodex team also pointed out a negative trend for ETH. Similarly, in the 90 days ending December 5, cryptocurrency prices fell by nearly 23%.
Ethereum market bearish situation
Concerning the negative outlook for ETH, Coincodex explains:
Ethereum’s medium-term trend has been bearish with ETH falling -22.81% over the last three months [until Dec 5]. ETH currently shows a 1-year price movement of -69.28%, so the long-term situation for Ethereum is negative. 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 nearly 75% since then. The general sentiment for the Ethereum market remains mostly bearish for 54% of the 28 overall, or 15 technical indicators, supporting this characterization. Hence the forecast of price decline.
However, despite the negative prediction, the Coincodex ETH prediction chart shows The drop of ETHbelow $1,000 lasts only 24 hours. One day after hitting a new 30-day low, the price ofETH is expected to climb to $1,019.56 by December 11th.
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