Tuesday, February 27, 2024

Ether Predicted to Drop to Lows of $920: Coincodex.

While Ether has maintained a relatively resilient performance in 2022, Coincodex, a digital asset exchange platform, predicts ETH will drop to $922 by December 10. This means the second-most popular cryptocurrency could decline as much as 25% if this indeed happens.

Currently, Ether is trading at $1,233 after having gained 0.36% in the last 24 hours, as per data from CoinMarketCap. Analysts at Coincodex believe Ethereum’s negative trend can be established in the digital asset’s decline between November 5 and December 5. Ether’s price fell nearly 23% in a period of 90 days that ended on December 5.

The platform outlined that the medium-term trend for Ethereum has been bearish. Ether dropped by -22.81% in the last three months to December 5. Moreover, its long-term picture has been negative with the cryptocurrency showing a -69.28% 1-year price change. Ether was trading at $4,220 on this day in 2021.

The second-most favored cryptocurrency reached $4,862, an all-time high, on November 9, 2021. Since then, it has plunged nearly 75%. As such, sentiment around the Ethereum market remains bearish. About 54% or 15 technical indicators out of 28, support this. It should be noted that Coincodex Ether’s prediction seems to say that the price drop to below $1,000 will only last for 24 hours.

Other analysts say Ethereum price shows an obvious retracement to the $1,202 – $1,218 demand zone. The buying demand for the cryptocurrency is there and ETH has already appreciated by 1.7%. And Ether’s latest recovery suggests a resurgence of buyers.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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