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Ethereum (ETH) Price Analysis for December 7

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Thu, 7/12/2023 - 15:30
Ethereum (ETH) Price Analysis for December 7
Cover image via www.tradingview.com

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Neither bulls nor bears are dominating today, according to CoinMarketCap.

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ETH/USD

The price of Ethereum (ETH) has fallen by 0.50% over the last day.

Image by TradingView

On the hourly chart, the rate of ETH is in the middle of the local channel, gathering energy for a further move. 

Related
Bitcoin (BTC) Price Analysis for December 6

As most of the daily ATR has been passed, ongoing sideways trading in the area of $2,240-$2,260 is the more likely scenario until the end of the day.

Image by TradingView

On the daily time frame, one should pay attention to the recently formed resistance level of $2,310. Until the rate comes back to this mark, there is a chance to see a further drop.

Image by TradingView

From the midterm point of view, traders should focus on the candle closure in terms of the mirror level of $2,300. If the bar closes far from it, the correction may continue to the $2,150-$2,200 zone.

Ethereum is trading at $2,259 at press time.

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