The price of Ethereum (or ETH), the token that powers the Ethereum blockchain network, was last up more than 10% in the last seven days. Ahead of the start of Monday’s US session, ETH was last changing hands for just under $1,300 per token, up just over 2.5% in the last 24 hours and probing for a breakout to fresh near-one-month highs and a test of its 50-Day Moving Average just under $1,340.
Ether has rebounded about 20% in the last three weeks since forming a double bottom in the $1,080 area during November. Optimism about the US Federal Reserve slowing the pace of its monetary tightening in the coming months, with US inflation showing clear signs of having peaked, has lifted US stocks, bonds, and many commodities. This trend has been giving tailwinds to crypto in recent weeks.
But ETH still has some way to go if it is to recoup its post-FTX collapse losses. Prior to the exchange’s untimely demise around this time last month, ETH/USD had been trading in the $1,550 to $1,650 area, about 20-25% above current levels. Crypto bulls will be hoping that as December progresses, Ether will recover back to these levels with the help of a “Santa rally” – a phenomenon where risk assets rally in the run-up to Christmas, as has historically been the case.
Ether has formed an ascending triangle in the last few weeks and looks to be on the verge of a short-term break to the upside. ETH/USD has been supported by an uptrend since the 22nd of November, but in the last few days, it has been unable to get sustainably above $1,300. Price formations such as these are often considered precursors to a bullish breakout and, as such, price predictions have been getting more bullish.
If ETH/USD does break to the upside, the first target will be the 50DMA at $1,334, then the 100DMA at $1,383, then the 200DMA at $1,457. If Ether can get above its 200DMA, which will be a tough ask, as the level has been a key area of technical resistance in 2022, it may be able to test the top of a downward trend channel that has been capping the price action since the summer of 2022.
Should Ether manage a break above this bearish trend channel, that sets the stage for a test of recent highs in the $1,600s and a potential longer-term bullish pushback towards summer’s peak pre-“merge” optimism highs above $2,000 Such a move is possible should macro conditions continue to improve (i.e. further moderation in the interest rate outlook) and should crypto sentiment continue to recover (i.e. Decentralized Finance starts to enjoy substantial inflows once again).
Not everyone is bullish though. Standard Chartered warned in a recent note that Bitcoin’s price could drop as much as 70% in 2023. That would surely also hurt Ethereum badly.
To those growing tired of seemingly ever-lasting crypto bear markets, endless bot armies and scammers and fraudsters, Vitalik Buterin has some advice. An account by the name of @CoinMamba commented on Saturday that “After 9 years in crypto I’m kinda exhausted. I want to move on and do something different with my life. Tired of all these scammers and fraudsters…”.
In reply, Buterin recommended CoinMamba to increase “your distance from trading/investing circles”, and to get “closer to the tech and application ecosystem”. He advised CoinMamba to “Learn about ZK-SNARKs, visit a meetup in Latin America, listen to All Core Devs calls and read the notes until you’ve memorized all the EIP numbers…”.
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $8.4 million. The sale is very close to entering its fourth phase, with over 96% of stage 3 tokens now sold. When the sale enters its next stage, prices per token will be lifted to $0.0533 from $0.0513.
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