ETH Price Prediction: Today’s Ehereum Price, 8th Dec 2022

In the previous seven days, the price of Ethereum (or ETH), the token that drives the Ethereum blockchain network, increased by more than 10%. Prior to the start of Monday’s US session, ETH was last trading for slightly less than $1,300 a token, up just over 2.5% in the previous day, and testing for a breakout to new highs approaching one month in the making as well as a test of its 50-Day Moving Average at slightly less than $1,340.

Since forming a double bottom in the $1,080 region in November, ether has recovered around 20% in the following three weeks. US stocks, bonds, and several commodities have increased due to optimism that the US Federal Reserve will moderate the pace of its monetary tightening in the coming months as US inflation shows unmistakable symptoms of having peaked. In recent weeks, this tendency has been helping cryptocurrency.

However, ETH still has to make up some of its post-FTX meltdown losses. Around this time last month, the exchange unexpectedly shut down, and ETH/USD had been trading about 20–25% above current values, in the $1,550–$1,650 range. Crypto bulls will be expecting that as December goes on, Ether will return to these levels with the aid of a “Santa rally”—a phenomena in which risk assets increase in value in the weeks leading up to Christmas, as has traditionally been the case.

Today’s Ethereum Price

Ethereum Price Prediction

In recent weeks, Ether has formed an ascending triangle, and it appears that a short-term break to the upside is imminent. Since November 22nd, ETH/USD has been moving upwards, but over the past several days, it has been unable to persistently rise beyond $1,300. Price projections have become more bullish as a result, as price formations like this are frequently thought to be precursors to a bullish breakout.

The 50DMA at $1,334, the 100DMA at $1,383, and the 200DMA at $1,457 will be the first targets if ETH/USD does break to the upside. Ether may be able to test the top of a downward trend channel that has been capping the price action since the summer of 2022 if it can get above its 200DMA, which will be a difficult ask given that the level has been a key point of technical resistance in 2022.

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