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Ethereum (ETH) Price Analysis for December 3

Sat, 12/03/2022 - 20:30
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Denys Serhiichuk
Does Ethereum (ETH) remain bullish despite bears' pressure?
Ethereum (ETH) Price Analysis for December 3
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The cryptocurrency market is currently neutral as neither buyers nor sellers are controlling the situation.

Top 10 coins by CoinMarketCap

ETH/USD

Ethereum (ETH) is looking worse than Bitcoin (BTC), going down by 0.35% since yesterday.

ETH/USD chart by TradingView

After the false breakout of the local support level at $1,267, the price of Ethereum (ETH) remains weak, which means that there is a high chance to see a retest.

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If that happens, the fall may continue to the $1,250 zone.

ETH/USD chart by TradingView

The situation is similar on the daily chart, as Ethereum (ETH) is about to close below yesterday's low at $1,264. In this regard, there is a high probability to see a decline to the closest support at $1,233. Such a scenario is relevant until the end of the upcoming week.

ETH/USD chart by TradingView

The weekly time frame gives traders hope for midterm growth. It can only occur if the bar closes near the $1,290 mark or above. All in all, the strength might be enough for a price blast to the $1,350-$1,400 area. Thus, the selling volume is low, confirming bears' weakness.

Ethereum is trading at $1,271 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.