Ethereum long-term Price Analysis: 11 December
The cryptocurrency market’s rally has been halted in its tracks, and most altcoins along with Bitcoin have been registering a significant drop in prices lately. Ethereum, the world’s second-largest cryptocurrency, has also been seeing its price drop along the price scale. At press time, the digital asset was being traded at $544 as it approached the support level at $507.
Here, there could be a short position the traders can take advantage of.
(https://ambcrypto.s3.amazonaws.com/wp-content/uploads/2020/12/11112336/ETH.png)
According to the attached chart, Ethereum’s price was descending along a sloping channel. The price had peaked at $641 and since then, it has been falling. The selling pressure in the Bitcoin market also contributed to the price of the digital asset heading south, given its correlation. ETH’s price has been struggling and selling pressure could make its way into the Ethereum market, a development that would herald the time to short it in the long-term.
Learn more about the analysis here. (https://ambcrypto.com/ethereum-long-term-price-analysis-11-december/)
What are your expectations in Ethereum price? What do you think? It will go up or down?