The Biggest Crypto Predictions for December 2023

Ethereum Will Finally Increase Parabolically

The Ethereum price has increased considerably since October. Despite the upward movement, the rate of increase lagged behind that of Bitcoin and numerous other altcoins.

Nevertheless, the ETH price finally broke out from the $2,000 resistance area last month, validating it as support. The ongoing increase suggests that the breakout is not a deviation like that in April (red circle). The weekly Relative Strength Index (RSI) gives an interesting reading. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The RSI is increasing and is above 50. More importantly, it just moved into overbought territory (green icon). In the previous cycle, the movement into overbought territory (green vertical trend line) preceded the entire increase to the all-time high.

The closest resistance is currently at $3,000, 40% above the current price. If the current cycle is similar to the last one, the ETH price will reach it this month.