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Ethereum (ETH) Price Analysis for December 5

Mon, 12/05/2022 - 21:30
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Denys Serhiichuk
How great are chances to see continued upward move of Ethereum (ETH)?
Ethereum (ETH) Price Analysis for December 5
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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Bulls have seized the initiative at the beginning of the week according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

ETH/USD

Ethereum (ETH) is one of the biggest gainers today, rising by 3.10%.

ETH/USD chart by TradingView

Despite the rise today, bears are trying to seize the initiative as the price has failed to fix above the $1,300 zone. If the decline continues below the support level at $1,286, buyers are unlikely to keep the upward move tomorrow.

ETH/USD chart by TradingView

A similar situation can be seen on the daily time frame as the rate has once again made a false breakout of the nearest resistance level at $1,305.

Related
Ethereum (ETH) Price Analysis for December 3

If the bar closes below yesterday's peak at  $1,286.20, the correction may continue to the bottom of the narrow channel at $1,265.80.

ETH/BTC chart by TradingView

Ethereum (ETH) is feeling weaker than Bitcoin (BTC) as the rate could not fix above the 0.075 mark. Meanwhile, bears have not seized the initiative yet, which means that sideways trading in the range of 0.074-0.075 is the more likely scenario for the next couple of days.

Ethereum is trading at $1,287.90 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.