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Ethereum (ETH) Price Analysis for December 10

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Sun, 10/12/2023 - 14:34
Ethereum (ETH) Price Analysis for December 10
Cover image via www.tradingview.com

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The week is about to end more bearish than bullish, according to CoinMarketCap.

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Top coins by CoinMarketCap

ETH/USD

The price of Ethereum (ETH) has declined by 0.78% since yesterday. Over the last week, the price has risen by 8.26%.

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Image by TradingView

On the hourly chart, the rate of ETH might have found a local support level at $2,324. If the upward move continues, there is a possibility of a test of the $2,350 zone by the end of the day.

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Image by TradingView

A worse picture is on the daily frame, as the price keeps falling after a false breakout of the resistance at $2,392. If buyers cannot seize the initiative shortly, a correction to the area of $2,300 is the more likely scenario for the next few days.

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Image by TradingView

The situation is neither bullish nor bearish on the weekly chart as the rate of ETH is far from support or resistance levels.

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However, if growth continues to $2,500, traders may expect a breakout followed by a blast to the $2,600-$2,700 area.

Ethereum is trading at $2,343 at press time.

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