Cryptocurrency ETH, Minority Mindset

The cryptocurrency market is currently neutral as neither buyers nor sellers are controlling the situation.

Cryptocurrency ETH, Minority Mindset

ETH/USD

Ethereum (ETH) is looking worse than Bitcoin (BTC), going down by 0.35% since yesterday.

Cryptocurrency ETH, Minority Mindset

After the false breakout of the local support level at $1,267, the price of Ethereum (ETH) remains weak, which means that there is a high chance to see a retest.

If that happens, the fall may continue to the $1,250 zone.

Cryptocurrency ETH, Minority Mindset

The situation is similar on the daily chart, as Ethereum (ETH) is about to close below yesterday’s low at $1,264. In this regard, there is a high probability to see a decline to the closest support at $1,233. Such a scenario is relevant until the end of the upcoming week.

Cryptocurrency ETH, Minority Mindset

The weekly time frame gives traders hope for midterm growth. It can only occur if the bar closes near the $1,290 mark or above. All in all, the strength might be enough for a price blast to the $1,350-$1,400 area. Thus, the selling volume is low, confirming bears’ weakness.

Ethereum is trading at $1,271 at press time.

2022-12-03 20:30