ETH Price Prediction: Today’s Ehereum Price, 9th Dec 2022

Ethereum (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain network, made a solid comeback on Thursday, coinciding with a more risk-averse tone in traditional asset classes (US stocks are up and the US dollar is down).

ETH/USD was recently trading about $1,250, up 0.75% over the last 24 hours, and up roughly 2.5% from weekly lows around $1,220.

However, ETH is still down 4.5% from its early weekly highs, which were just around $1,300. Since the sudden demise of significant cryptocurrency exchange FTX about a month ago, ether bulls have found it difficult to regain control. ETH had been trading between $1,500 and $1,600 before the collapse of the exchange. Rallies to $1,300 have been continuously sold by the market since the collapse.

Following the fall of FTX, traders increased their selling at a loss, according to data from the cryptocurrency analytics company Santiment on the realized profit-and-loss of ETH tokens moving on the Ethereum network. It’s possible that selling from allegedly “weak hands” may continue to affect the price of ETH in the foreseeable future.

Today’s Ethereum Price

Ethereum Price Prediction

A shorter-term view of the price of ETH shows that the cryptocurrency is moving lower while still being contained by a bearish flag. However, ETH is currently probing the upper limits of this flag pattern and appears to be poised to break higher once more, towards $1,300.

The stimulus that the Ethereum bulls need might be a further rise in US stock markets and a decline in the value of the US dollar as the week’s end approaches, potentially helped if Friday’s US inflation data are softer than expected. The recent support that ETH has found at its 21-Day Moving Average and the 23.6% Fibonacci retracement level from the post-FTX collapse lows under $1,100 back to the pre-FTX collapse highs in the $1,600s may also aid with technical purchasing.

Also Read

Lunc Price Prediction: Today’s Lunc Price, 9th Dec 2022

The Terra Luna Classic blockchain’s native cryptocurrency, LUNC, was barely over its...