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Ethereum (ETH) Price Analysis for December 8
Source: CryptoNewsNet Original Title: Ethereum (ETH) Price Analysis for December 8 Original Link: Most of the coins have returned to the green area on the first day of the week, according to CoinStats.
ETH/USD
Ethereum (ETH) is one of the biggest gainers today, rising by 5.48%.
On the hourly chart, the price of ETH is falling after setting resistance at $3,180. As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow. Respectively, sideways trading in the range of $3,050-$3,150 is the most likely scenario.
On the longer time frame, the picture is similar. The volume is low, which means none of the sides has enough energy for a further move.
If the situation does not change by the end of the day, consolidation around the current prices is the more likely scenario.
From the midterm point of view, one should focus on the candle’s closure in terms of the $3,223 level. If it happens around that mark or above it, the accumulated energy might be enough for a price blast to the $3,500 zone.
Ethereum (ETH) is trading at $3,104 at press time.