The Ether price might suffer further losses if it does not break above the USD 1,280 resistance zone. Since investors can accumulate more tokens amid the bearish market, this is an excellent opportunity to buy.
The price of Ether (ETH) has struggled to break above the crucial resistance level between USD 1,230 and USD 1,250. Considerably bullish momentum led the price to trade as high as USD 1,280 to consolidate gains close to USD 1,265.
The bulls remained active above the 23.6% Fibonacci retracement level of the recent rise from the USD 1,150 low. The hourly chart shows that the price of Ether also formed a short-term upward trend line with support near USD 1,230.
Ether is trading above USD 1,230 and the 100-hour simple moving average (SMA), while its immediate resistance is near USD 1,280.
The first key resistance is near the USD 1,300 level, from which the price might start another upward wave. The price might rally toward the USD 1,380 resistance zone, sending it toward USD 1,420.
Ether Might Suffer Further Losses If It Falls below USD 1,230
If the price of Ether does not break above the USD 1,280 resistance, it might drop. Its immediate bearish support is near the USD 1,250 level.
The following crucial support is close to USD 1,230 and the trend line. The price might test the USD 1,200 support, allowing the bulls to emerge if it drops below USD 1,230. Further losses might lead to another decline toward the USD 1,150 support zone.
While the Moving Average Convergence/Divergence (MACD) indicator is losing bullish traction, the Relative Strength Index (RSI) is above 50.
The crucial support level is USD 1,230, with a crucial resistance level of USD 1,280.
Predictions about the Price of Ether for December 2022
Since the price of Ether has historically risen around December holidays, it might increase slightly again. It might reach above USD 1,500 in the first half of 2023, as the market could be similar to 2019.
However, Ether might rise by 10% to 20% to as high as USD 1,500 in the coming 4 to 5 weeks. Since a further drop below USD 1,100 seems unlikely, the price should be between USD 1,200 to USD 1,500 in December.
It Is Worth Investing in Ether for the Long Term
Although Ether has dropped considerably, it might be worth it to investors in the long term. Next year, there might be significant increases in the price of the second-largest cryptocurrency by market capitalization.
Amid the current bearish market, investors may accumulate more tokens with regular US dollar investment. Therefore, this is an excellent opportunity to buy Ether before it rallies again in the following months.
Meanwhile, Ether is trading around USD 1,274 and has accumulated a 5.5% gain over the last 24 hours. While its daily trading volume is above USD 8.34 billion, its market capitalization is about USD 253.67 billion, according to CoinGecko.
However, investors should research Ether before buying it to learn about its all-time high, behavior, and possible future prices. It is only a matter of time before seeing where the market will take the value of that crypto asset.
By Alexander Salazar
