Over the past seven days, the price of Ethereum (ETH) has made some significant progress and increased 7.63%. However, according to CoinMarketCap, its price has decreased by 0.60 percent. At the time of publication, the cost of ETH is $1,275.25.
Currently, the price of ETH fluctuates between the daily 9 and 20 EMA lines. On the daily chart for ETH, there is some sell pressure that drove the price of the cryptocurrency lower yesterday and is still driving it lower today.
The daily RSI line has a minor bearish slant since it slopes down and into oversold territory. It is still located above the daily RSI SMA line, though.
Altcoin Sherpa (@AltcoinSherpa), a cryptocurrency analyst, offered his study of the altcoin. Earlier this morning, the analyst tweeted,
$ETH: Looking for 1 of 2 scenarios: the first is price continues in 1275-1375 and chops around the former base established in September and then goes higher. The second is that price breaks down below and goes to the strong demand area in $1100-1200. #Ethereum $ETHUSD pic.twitter.com/6zhJDxVHOL
— Altcoin Sherpa (@AltcoinSherpa) December 2, 2022
The 9 EMA line is located above the 20 EMA line on the 4-hour chart for ETH, indicating a bullish trend. The price of ETH is also being supported by the shorter EMA. If the 4-hour RSI line crosses above the 4-hour RSI SMA line, that might be an indication of a minor pump.
Disclaimer: The author's personal view may be included in the information, which is subject to market conditions. Before making a cryptocurrency investment, do some market research. Your individual financial loss is not the responsibility of the author or the publisher.
