Ethereum price had a great month and reached new highs on November the 22nd of 2017. The question top of mind now is what’s next for Ethereum price? A parabolic price action “A la Bitcoin”? A sharp correction? Will it hold its gains? These are the questions we will try to answer by looking at the price charts and important Ether price levels investors need to watch in December 2017.
First, it is important to highlight the most notable event from November: The Double Top Breakout. That is very important news because the move was after a long price consolidation. The positive move is also significant because it led to Ethereum reaching a new all-time high in November.
With that in mind, let’s look at the important Ethereum Price support and resistance levels for December 2017.
Ethereum price support levels December 2017
We expect the double breakout level of 400 USD to become a strong support. Ethereum price has already backtested that support level and it held well so far.
Ethereum price resistance levels December 2017
The resistance levels for ETHUSD for the month of December 2017 is 500 and if that 1st resistance is Broken, 600 USD. These levels also represent the top of the diagonal channel. Major Cryptocurrencies also seem to struggle with such even numbers.
Ethereum Price Outlook for December 2017
Ethereum price is in a Bullish setup. In fact, we have 2 scenarios for our readers for the month of December: A Bullish Scenario and a Mega Bullish Scenario.
If the Breakout level holds well as a new support for Ethereum Price, we might see ETH reach at least 600 by end of Dec. Note how 600 USD is also the top of the Blue channel in the 1st and more conservative chart.
Mega Bullish Scenario
The following chart illustrates the Mega Bullish scenario. That is conditional to multiple factors:
- Cryptocurrencies in general, Bitcoin in particular to remain on their strong uptrend.
- Continuous positive outlook and stability following Ethereum’s hardfork.
- Continuous growth in Ethereum transactions numbers and applications.
- 400 USD support to hold
A sharp Correction is not to be ruled out, possibly towards the end of December. It is important that Investors eventually take some profits during the peaks to add to their positions later on at lower prices.
If this mega Bullish scenario materializes, we might see the materialization of our 1000 USD Ethereum price forecast early 2018.