The U.S. dollar price of ether, which presently hovers around $1,200, is expected to fall to $922.66 by Dec. 10, a Coincodex prediction chart has shown. Ethereum is nonetheless projected to close the following day trading above $1,000. According to the Coincodex analysis, there are presently 15 technical indicators out of a total of 28 that project a bearish outlook for the asset.
ETH’s Negative Trend
According to an analysis by the digital asset exchange platform Coincodex, the U.S. dollar value of ETH is expected to drop to $922.66 by Dec. 10. The analysis suggests ether price, which stood at $1,230 on Dec. 7 (1:00 p.m. EST), must decline by almost 25% for this prediction to become a reality.
In a report which shares some factors that led to the negative price prediction, the Coincodex team also points to ETH’s negative trend which can be evidenced by its 21.5% decline between Nov. 5 and Dec. 5. Similarly, in a period of 90 days that ended on Dec. 5, the crypto asset’s price fell by nearly 23%.
Bearish Conditions in Ethereum Markets
Explaining the negative outlook for ETH, Coincodex said:
The medium-term trend for Ethereum has been bearish, with ETH dropping by -22.81% in the last 3 months [to Dec. 5]. The long-term picture for Ethereum has been negative, as ETH is currently displaying a -69.28% 1-year price change. On this day last year, ETH was trading at $ 4,220.95.
After reaching an all-time high of $4,862.24 on Nov. 9, 2021, ETH has declined by nearly 75% since then. The prevailing sentiment in Ethereum markets remains largely bearish with 54%, or 15 technical indicators out of a total of 28, supporting this characterization — hence the price drop prediction.
ETH Price to Fall to $922 by December 10, Coincodex Predicts
However, despite the negative prediction, the Coincodex ETH prediction chart seems to suggest that ETH’s drop to below $1,000 will only last for 24 hours. Just a day after tapping the new 30-day low, the price of ETH is expected to rally to $1,019.56 by Dec. 11.