The USD value of Ether is currently hovering around the $1,200 level. But, Coincodex’s prediction chart suggests that it could drop to $922.66 by December 10th. Despite this bearish outlook, the analysis shows that Ethereum is still likely to close the trading day above the $1,000 mark.
ETH Negative Trend
According to the digital asset trading platform Coincodex, the US dollar value of ETH could drop to $922.66 by December 10th. In order for this prediction to be true, the price of ether would need to decrease by nearly 25% from the current level of $1,230 (as of 1:00 PM ET on December 7th).
Their analysis indicates that the crypto asset’s price has decreased by 21.5% between November 5th and December 5th. Additionally, Ethereum has seen a 23% decline over the past 90 days.
Bearish Conditions in the Ethereum Markets
Explaining the negative outlook on ETH, Coincodex said:
Ethereum’s medium-term trends are bearish with ETH falling -22.81% in the past 3 months. The long-term outlook for ETH’s 1-year price increase is negative at -69.28%. On November 9, 2021, ETH traded at $4,220.95, which is 75% lower than its all-time high of $4,862.24 on April 8, 2012.
The predominant sentiment in Ethereum Markets remain largely bearish with 54% or 15 technical indicators from a total 28 supporting this characterization. This supports the price fall prediction.
Despite the negative prediction, Coincodex’s ETH prediction graph seems to indicate that ETH will drop below $1,000 within 24 hours. However, the ETH price is expected to rise to $11,019.56 one day after it hits a new 30-day low on December 11th.
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