The cryptocurrency market is trying to get rid of the uncertainty of direction. In this environment, the prices of the leading crypto Bitcoin (BTC) and the leading altcoin Ethereum (ETH) continue to experience a ebb and flow. According to a Coincodex forecast chart, Ethereum price will drop to $922.66 by December 10. However, forecasts are that the leading altcoin will close above $ 1,000 the next day. According to Coincodex analysis, there are currently 15 out of 28 technical indicators that are bearish for ETH.
Are the bells ringing for the leading altcoin?
The collapse of the cryptocurrency exchange FTX and the events surrounding it increased the fog cloud in the market well. Investors and traders are having trouble finding direction in this environment. This pushes them into pessimism. In addition, there are some predictions to support this pessimism. According to an analysis by crypto exchange platform Coincodex, the value of ETH will drop to $922.66 by December 10. The realization of this prediction means that the leading altcoin will lose about 25% in value.
Coincodex shares some of the factors that led to this negative price forecast in a report. Accordingly, the exchange team draws attention to the 21.5% drop of ETH between November 5 and December 5. They note that this also points to the negative trend in question. Similarly, in a 90-day period, the altcoin has lost about 23%.
What are the bearish conditions for Ethereum?
Coincodex also explains the reasons for its negative outlook for Ethereum. In this context, the stock market underlines the following:
The medium-term trend for Ethereum has been bearish with ETH falling 22.81% in the last 3 months. Ethereum’s 1-year price change currently shows 69.28%. So, the long-term chart is negative for the altcoin. Last year today, ETH was trading at $4,220.95.
cryptocoin.comAs you follow, Ethereum reached its all-time high of $4,862.24 on November 9, 2021. However, ETH has since lost about 75% of its value. According to the Coincodex report, the prevailing sentiment in the Ethereum markets remains largely bearish with 54%, or 15 out of 28 total technical indicators. Accordingly, Coincodex states that this sentiment supports the forecast for a sharp price drop.
However, despite the negative forecast, the Coincodex ETH forecast chart shows that it will only take 24 hours for ETH to drop below $1,000. According to the forecast, the leading altcoin will rise just one day after touching the new 30-day low. In this move, ETH will reach $1,019.56 by December 11th. At press time, Ethereum is trading at $1,281, up 4% on a daily basis. The forecast of the stock market is a very short near-term forecast. So for this to be true, ETH needs to see a 25% drop in 1 day. Currently, there is no development in the market to justify this decline. However, it should not be forgotten that the “must have” rule works in the crypto money market.
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