ETH Price Prediction: Today’s Ehereum Price, 3rd Dec 2022

The price of ETH, the digital asset that drives the Ethereum blockchain, was last trading at about $1,275, up about 6.5% over the previous week.

The cryptocurrency increased by 6.5% on its own on Wednesday as traditional risk assets like US equities rose following a more dovish-than-expected statement from US Federal Reserve Chairman Jerome Powell on the possibility of additional rate hikes in the months to come. Since the last recent surge higher, price forecasts have been more positive.

On Thursday, Ethereum is trading somewhat lower than usual due to profit-taking, but it has increased by around 18% after printing a double bottom under $1,100 earlier this month. Inflation in the US is dropping quicker than anticipated, according to new US data released on Thursday (Core PCE Price Index), reinforcing the notion that the US central bank won’t need to be as hawkish going forward. As a result, the US dollar has been falling, which may easily lead to a new bid for US stocks and open the door for greater ETH gains.

Today’s Ethereum Price

Ethereum Price Prediction

The 50-day, 100-day, and 200-day moving averages of the cryptocurrency, which are located at $1,335, $1,400, and $1,470, respectively, will be targets for ETH bulls looking to the higher. However, even if Ethereum does succeed in breaking above all of these levels in the next weeks amid a wide crypto rally driven by macro-optimism, it doesn’t necessarily mean that the cryptocurrency is out of the woods.

Since the conclusion of the summer of 2022, a downward trend channel has been restricting the price movement of Ethereum. To move above this trend channel, it will need to make a strong break above $1,500. Betting on a quick more than 25% rally from current levels may be a little premature because the cryptocurrency is still reeling from the effects of FTX’s dramatic collapse early last month, which is still weighing on mood.

It would be possible to test the September highs in the $1,800 level as well as the peak “Merge” optimism highs in the $2,000 range if Ethereum can manage to break above its present decline. That would represent an enormous 60% increase from current levels.

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