Technical Analysis for ETHUSD for 8th December 2022
Ethereum Slips, ETH Sharply Rebounds from Around $1.35k
Past Performance of ETH
Ethereum Technical Analysis
Like Bitcoin, Ethereum is trending lower. Per the formation in the daily chart, the immediate trend is more defined. Technically, ETH prices are within the November 9 bearish engulfing bar. Accordingly, from a volume analysis, coupled with the failure of ETH prices to pull higher above $1.35k—or the November 9 high, sellers are in control. This formation allows aggressive traders to align with the dominant trend, selling on pullbacks and targeting $1.1k or November lows. This preview will hold, especially if ETH closes lower by today's end, below the November 30 low, unwinding gains made at the tail end of last month. The forecast will remain as it is unless there are sharp gains above $1.35k, ideally with expanding trading volumes pointing to increasing participation. Then, bulls will have shaken off the bears of November, possibly setting the foundation for a leg up towards $1.5k or better.
What to Expect from ETH
Ethereum remains resilient, fundamentally. Still, ETH prices don't reflect this state of affairs. ETH remains range bound and bearish. This will be the status until prices break out from the current consolidation.
Resistance level to watch: $1.35k
Support level to watch: $1.1k
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