Ethereum Price Outlook for December 15: ETH Climbs Above 20-Day SMA, What's Next?

Ethereum's price has climbed back above its twenty-day moving average, indicating a positive shift in short-term momentum as buyers maintain support and look to push prices higher.

Key Takeaways

Ethereum's price is currently $3,144.21, showing short-term momentum.
Technical indicators suggest bullish potential as ETH holds above the 20-day SMA.
Support is strong at $2,850, while resistance is noted at $3,323 and $3,450.
Analyst Ted highlights ETH's potential to rally if key support levels are maintained, but warns of possible sell-offs if they fail.

Disclaimer: This article is intended for informational purposes only and should not be considered financial advice. The opinions expressed are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers should conduct their own research before making investment decisions. The Crypto Basic is not liable for any financial losses.

Ethereum

Ethereum, the second-largest cryptocurrency, is currently trading at $3,144.21 after a 1.2% decline over the last 24 hours. Despite this dip, mixed signals are evident: the coin has experienced a small 0.5% increase in the past hour and a 0.2% rise weekly, alongside a significant 10.8% surge over the past two weeks and a 0.3% increase monthly.

In the past 24 hours, Ethereum has demonstrated moderate volatility, trading between $3,052.44 and $3,144.35. Currently, ETH is at the upper end of this trading range, providing further evidence of positive momentum. This combination of upward movements raises the question: what do the technical indicators suggest for the near future?

What’s Next for Ethereum?

From the technical analysis, Ethereum's price has moved above the 20-day simple moving average (SMA) set at $3,085. This suggests a bullish trend in the short term, although the overall trend remains neutral. The Bollinger Bands indicate that ETH bounced back from the lower band around $2,850 on December 1, leading to a surge that peaked at $3,444.

Ethereum 1-Day Price Chart

The recent recovery at the middle band implies that selling pressure is diminishing, and the price is now moving towards the upper range of the bands. The Relative Strength Index (RSI) is currently hovering around 50, which signals a neutral momentum with improving conditions but no signs of being overbought just yet.

Key support for Ethereum is identified at $2,850, with stronger demand located at $2,629, coinciding with the lower Bollinger Band's swing lows. On the upside, resistance sits at $3,323, where the upper Bollinger Band and previous supply levels meet. A significant barrier is positioned just below $3,450. A sustainable breakout above this near-term resistance would bolster the bullish outlook.

ETH Shows Strong Technical Foundations

Analyst Ted indicates that Ethereum remains in a solid technical position as long as it maintains key support levels. He notes that ETH has stayed above the critical $3,000 mark, although it briefly dipped below $3,050 before recovering, reflecting robust buyer interest in that range.

Ethereum Prediction

As long as this support level holds, Ted believes Ethereum is likely to rally towards the resistance range of $3,300 to $3,400. However, he cautions that the bullish perspective would weaken if this support level fails. If Ethereum drops below $3,000, it could trigger a rapid sell-off, with the next significant support area located below $2,800.