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Ethereum (ETH) Price Analysis for December 25

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Sun, 25/12/2022 - 13:54
Ethereum (ETH) Price Analysis for December 25
Cover image via www.tradingview.com

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The last day of the week is neutral for the cryptocurrency market as some coins are in the red zone, while the prices of others are rising.

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ETH/USD

The rate of Ethereum (ETH) has not changed since yesterday. Over the last seven days, the price has grown by 3.08%.

ETH/USD chart by TradingView

The price of Ethereum (ETH) has bounced off the local resistance level at $1,222.10. Traders should now pay attention to the hourly support at $1,215.60. If the drop continues to that point, the rate may reach the $1,200 zone tomorrow.

ETH/USD chart by TradingView

On the bigger time frame, Ethereum (ETH) has not accumulated enough power for a further move. The price is located in the narrow range with neither bullish nor bearish signals.

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An upward move may only happen if the rate fixes above the support level at $1,230.20.

ETH/USD chart by TradingView

On the weekly chart, the rate of Ethereum (ETH) has made a false breakout of the support at $1,071. If today's candle closes with no long wicks, traders may expect to see a move to the nearest vital zone of $1,300 within the next weeks.

Ethereum is trading at $1,219 at press time.

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