ETH Price Prediction: Today’s Ehereum Price, 6th Dec 2022

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06th Dec, 2022. 12:37 am
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ETH, the digital asset that powers the Ethereum blockchain, was last trading at around $1,275, up about 6.5% from the previous week.

The cryptocurrency gained 6.5% on its own on Wednesday, as traditional risk assets such as US equities rose in response to a more dovish-than-expected statement from US Federal Reserve Chairman Jerome Powell on the possibility of additional rate hikes in the coming months. Price forecasts have become more optimistic since the most recent surge higher.

On Thursday, Ethereum is trading slightly lower than usual due to profit-taking, but it has gained around 18% since printing a double bottom below $1,100 earlier this month. According to new US data released on Thursday (Core PCE Price Index), inflation in the US is falling faster than expected, reinforcing the notion that the US central bank will not need to be as hawkish in the future. As a result, the US dollar has been falling, which could easily lead to a new bid for US stocks and more ETH gains.

Today’s Ethereum Price

DATE	ETC	USD
Today	01	$1,263.00

Ethereum Price Prediction

The cryptocurrency’s 50-day, 100-day, and 200-day moving averages, which are at $1,335, $1,400, and $1,470, respectively, will be targets for ETH bulls looking to the upside. However, even if Ethereum manages to break above all of these levels in the coming weeks as part of a broad crypto rally driven by macro-optimism, this does not necessarily imply that the cryptocurrency is out of the woods.

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

If Ethereum can break above its current decline, it could test the September highs in the $1,800 range as well as the peak “Merge” optimism highs in the $2,000 range. That would be a massive 60% increase over current levels.

ETH Price Prediction: Today’s Ehereum Price, 6th Dec 2022

Web Desk

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