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.
