Ethereum Price Prediction for December 12: Stability Above Key SMA Level Needed

To sustain its bullish momentum, Ethereum must maintain its position above a critical Simple Moving Average (SMA), as fluctuating futures flows suggest increased market volatility.

Key Takeaways

Ethereum price rose by 1.2% in the last day to $3,235.25.
The cryptocurrency has increased by 3.5% over the week and 5.7% over the last 14 days.
Ethereum's market cap is currently $390.38 billion.
The price must remain above the 9-day SMA at $3,166.96 to maintain bullish momentum.
Mixed futures flows indicate potential volatility and fluctuations in market sentiment.

Ethereum

Ethereum (ETH) has experienced a 1.2% increase in the past 24 hours, reaching $3,235.25. With its price fluctuating between $3,160.13 and $3,267.70, Ethereum has also shown a weekly gain of 3.5% and a modest rise of 5.7% over the last 14 days. However, the cryptocurrency's 30-day performance reflects a decline of 7.0%. As bullish sentiment appears to wane, Ethereum is at a crucial point — the coming days will reveal whether it can break free from its current range or face a downturn.

Key Support and Resistance Levels for Ethereum

According to technical charts, Ethereum’s price is currently just above the 9-day Simple Moving Average (SMA) of $3,166.96. This position indicates that Ethereum is making efforts to retain its bullish momentum. The second-largest cryptocurrency is probing the upper limits of its trading range, and successfully holding above this SMA level could signal further upward movement.

ETHUSD 1-Day Chart

The Relative Strength Index (RSI) registers at 53.88, indicating that Ethereum is neither overbought nor oversold. This gives room for potential price movements in either direction. With the RSI positioned above the neutral zone, Ethereum seems to be in a consolidation phase while awaiting additional momentum. If the RSI continues to rise, it could suggest that Ethereum is preparing for a breakout, potentially targeting the next resistance level.

The MACD (Moving Average Convergence Divergence) indicator is currently at 53.36, with the MACD line surpassing the signal line, highlighting bullish momentum. Additionally, the histogram remains positive, reflecting growing buying interest. These factors combined, along with Ethereum’s position above the SMA, signal a possibility for upward movement if it can successfully breach immediate resistance levels around $3,600. Conversely, if the price falls below the 9-day SMA, it may indicate a retreat toward lower support levels.

Ethereum's Futures Flow Trends

On the contrary, futures flows data for Ethereum reveal a mixed trend across various time frames, indicating increased volatility in the market. Over the past 30 minutes, Ethereum experienced a slight net outflow of $7.69 million, with inflows of $104.82 million and outflows of $112.51 million, resulting in a negative change of 143.39%.

However, the outlook appears more favorable in the 1-hour data, showing a net inflow of $10.03 million, marking a 107.52% increase and indicating renewed buying interest.

Ethereum Futures

Looking at longer time frames, the 4-hour, 8-hour, and 12-hour data reflect a more bearish sentiment. Within the 4-hour frame, Ethereum recorded a net outflow of $172.98 million (down 490.57%), while the 8-hour period saw a similar decrease with a net outflow of $194.23 million (down 474.25%). The 12-hour data indicated slight improvement with a net inflow of $5.18 million. However, the 24-hour observation shows a substantial net outflow of $709.40 million, with the 3-day outlook reflecting a larger outflow totaling $1.55 billion.

Disclaimer: This content is for informational purposes only and should not be interpreted as financial advice. The opinions expressed in this article may represent the author's personal views and do not necessarily reflect those of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.