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CoinGape 2024-12-19 10:43:10

Ethereum (ETH) Price Prediction For December 19: Sell Signals Emerge

Ethereum (ETH) Price Prediction For December 19: Sell Signals Emerge

The Fed’s FOMC meeting conclusion of fewer rate cuts in 2025 caused the crypto markets to crash. As a result, Ethereum closed 7% lower on Wednesday. Ethereum price today trades at $3,700. The four-hour chart hints at a sell signal and that a reversal could be coming for ETH due to the double-top formation. This setup is a sell signal. As the name suggests, the technical formation contains two local tops, which often leads to a reversal of the uptrend. Will Ether reverse the bull trend and trigger another double-digit correction? Let’s find out. Ethereum Price Today: Why ETH is Down 7%? The value of ETH dropped 7% on Wednesday after the FOMC meeting since the Fed hinted at two rate cuts in 2025. While rate cuts are dovish and trigger a market rally, fewer rate cuts of two compared to the anticipated four, has caused the speculators to interpret it in a bearish manner, leading to the sell off. The crash is not localized to crypto markets as even the traditional markets felt the effect of this decision. The S&P500 closed Wednesday 2.90% lower, losing 175.48 points. Sell Signals Emerge Due to the FOMC-induced crypto market crash , Ethereum price has formed a double-top on the four-hour chart. This technical formation is a sell signal and hints at a reversal of the uptrend. So far, Ethereum has shot up 11% in December and set up the 2024 high at $4,111. But the recent 14% crash has pushed it down to $3,583, completing the double-top formation. A breakdown below the $3,656 and $3,539 support levels will confirm a successful breakout from the double top setup. In such a case, ETH could drop 13% lower to $3,080. ETH/USDT 4-hour chart On the other hand, if bulls make a strong comeback, leading to a bounce from $3,656, the double top formation could come undone. For this to happen, Ethereum price needs to overcome $4,111 and flip it into a support floor. Such a development will invalidate the sell signal and propel Ethereum price higher, preferably to a new ATH of $5,000. Investors Send 190,000 ETH Out of Exchanges According to data from Santiment, the supply of ETH held on exchanges dropped from 10.80 million on December 16 to 10.61 million as of December 19. This drop shows that nearly 190,000 ETH worth $7 billion have left the centralized platforms. A decline in supply is viewed as bullish as investors are confident enough to not keep their tokens on hot wallets like exchanges, where tokens can be sold quickly in times of panic. Hence, these investors are confident in the performance of Ethereum in the near-future and don’t plan on selling ETH. ETH supply on exchanges What’s Next For Ethereum? If Ethereum price bounces off $3,500 to $3,600 support levels and overcomes $4,000, it could embark on a rally to revisit the ATH at $4,878. In some cases, Ethereum price prediction hints it could even touch a new ATH. However, if Bitcoin crashes, it could be difficult for ETH to maintain its standing. In such a case, a breakdown of $3,500 support level could trigger another double-digit crash to $3,100 or $3,000. The post Ethereum (ETH) Price Prediction For December 19: Sell Signals Emerge appeared first on CoinGape .

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