Ethereum Technical Analysis Report | 06th December 2022

Crypto markets appear to be losing some of their recent uptrends, but a favourable tailwind from equity markets could accelerate a breakout in Bitcoin, Ether and a select few Altcoins. The price of ETH is down by a marginal percentage of 2.47% while the volume is up by only 0.61%. The US Dollar Index (DXY) recovery rally ebbed at the 20-day EMA (107) on November 30th. This shows that sentiment has turned bearish and traders are selling at the 20-day EMA. The dominance of ETH is at 18.08%.

At the time of writing, ETH was trading at $1,258.

Ethereum Chart | 06th December 2022
Ethereum (ETH) Chart

ETH after taking support at $1,073 (Recent Low) showed signs of recovery and rallied almost by 21% up to $1,310. The asset is facing stiff resistance at its 50 Day Moving Average and is currently consolidating between $1,250 and $1,300. To witness a rally ETH needs to break and close above the key level of $1,400 whereas $1,000 will act as strong support for the asset. If the prices close below $1,000 then it can further fall and test the previous low of $881.

  Support 2Support 1AssetResistance 1Resistance 2

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