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Monday, December 5, 2022

#ETH/USDT 1DAY UPDATE BY CRYPTO SANDER6

#ETH/USDT 1DAY UPDATE BY CRYPTO SANDER6

Ethereum / U.S. dollar BITSTAMP:ETHUSD

Hello, welcome to this ETH /USDT 1DAY chart update by CRYPTOSANDERS.

I have tried to bring the best possible outcome to this chart.

CHART ANALYSIS:-Ethereum (ETH)
Ethereum had a good week, with the price managing to break above the $1,220 resistance level and booking a 6.5% increase in the process. This bullish momentum is expected to continue if buyers can manage to turn the previous resistance into support.

The buying volume was good during the breakout, but a retest of $1,220 now seems likely. Should bulls be successful in defending it, Ethereum’s next target is found at $1,365. While the momentum favors buyers at this time, they will face stiff resistance from sellers considering that the market is still overall bearish .

Looking ahead, the best thing that can happen to Ethereum is to reclaim its price level from early November when it was trading around $1,600 (just before the FTX collapse). That would bring back confidence in the market, and bulls may choose to even challenge the $1,725 resistance level .

This is not a piece of financial advice.
Hit the like button if you like it and share your charts in the comments section.

Thank you



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