Ethereum Price Prediction as ETH Sees $8.3 Billion Trading Volume Come In – Here’s Where It’s Heading Next
ETH trading volumes remain elevated, with $8.3 billion worth of tokens changing hands in the last 24 hours according to CoinGecko, as the cryptocurrency continues to pull back from Wednesday’s pre-hawkish Fed meeting highs in the $1,350 area. At current levels in the $1,280s, ETH/USD has now pulled around 5.0% back from these highs and, according to CoinMarketCap, is around 3.2% lower in the last 24 hours. Price predictions have thus become more pessimistic.
ETH, otherwise known as Ether, is the native cryptocurrency that powers the smart-contract-enabled Ethereum blockchain. Recent news that PayPal has teamed up with MetaMask to lower the barrier to its users being able to purchase ETH, potentially boosting demand/adoption doesn’t seem to have had any impact on the price. The world’s second-largest cryptocurrency by market capitalization I still about 20% versus its early November lows under $1,100, but has now erased its December gains.
ETH’s latest drop means that the cryptocurrency has failed to hold above its 50-Day Moving Average and the 38.2% Fibonacci retracement level back from the November lows to the November highs, a bad sign for short-term momentum. For now, Ethereum’s medium-term uptrend from the November lows remains intact, but bears will be eyeing a near-term retest of the 21DMA in the $1,250s. A break below here could signify a breakdown of the uptrend from November and could trigger a worsening of ETH sentiment and a drop towards $1,200.
Recent price action (i.e. the recent rally being sold) is very much in fitting with Ether’s longer-term downtrend that has been in play since the summer. The downtrend suggests that a move lower towards $1,000 in the coming months is likely and that any gains may be
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