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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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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%.

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.

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.

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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Bitcoin (BTC) Price Analysis for December 9

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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