Etherеum

Ethereum (ETH) Price Analysis for December 3

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

ETH/USD

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

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.

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

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.

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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