As we near the end of the year and the Christmas holiday, it’s a good time to reflect on Ethereum’s (ETH) historical performance around the festive season and project how it might fare in 2022.
According to historical data obtained by Finbold, Ethereum had recorded consistent year-on-year (YoY) growth throughout the previous three Christmases, with Christmas Day of December 25, 2021, standing at $4,093.
Considering various technical analysis (TA) indicators, Ethereum’s Christmas bullish trend will not sustain this Xmas 2022, with the asset predicted to trade at $915 on December 25, as per CoinCodex.com projection. Currently, Ethereum is trading at $1,255, which means if the predictions come true, it will mark a 23% decrease.
Only time will tell how closely Ethereum and Bitcoin will adhere to the predictions made for the upcoming holiday season.
Thus far, Finbold’s historical analyses and predictions for the holidays of Thanksgiving (with the projection of $16,353 ending with BTC trading at $16,256 at the start of the day) and Halloween (from a projected $21,348 to realized $20,728 at the beginning of the day) have proven relatively accurate.
Historical Ethereum Christmas prices
Notably, Christmas 2020 welcomed an increase of 400% from 2019, as the maiden crypto was changing hands at $125 on December 25, 2019, followed by another spike on the annual chart recorded by December 25, 2021, when Bitcoin traded 543% higher than the $626 the year before.
However, the market shocks, such as Russia’s invasion of Ukraine and the widely publicized collapse of the Terra (LUNA) ecosystem, as well as inflation and the recent crash of FTX, once one of the largest crypto exchanges in the world, have dramatically altered the landscape, making it unlikely that this year will be a merry Christmas in terms of year-on-year growth.
Indeed, since last Christmas, the price of Ethereum has dropped 69%, at press time trading at $1,255, and there’s little indication that this trend will reverse much before Christmas 2022. The current ETH price is 0.84% down on the day but up 3.88% across the last seven days, with a total market cap of $153.6 billion.
Observing the ETH technical analysis, it becomes clear that it is swinging to the ‘sell’ side, with the summary on the 1-day gauge suggesting ‘sell’ at 10 versus only 7 for ‘buy’ and 9 at ‘neutral.’
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