Ethereum (ETH) Price Analysis for December 7

Neither bulls nor bears are dominating today, according to CoinMarketCap.

ETH/USD

The price of Ethereum (ETH) has fallen by 0.50% over the last day.

On the hourly chart, the rate of ETH is in the middle of the local channel, gathering energy for a further move.

As most of the daily ATR has been passed, ongoing sideways trading in the area of $2,240-$2,260 is the more likely scenario until the end of the day.

On the daily time frame, one should pay attention to the recently formed resistance level of $2,310. Until the rate comes back to this mark, there is a chance to see a further drop.

From the midterm point of view, traders should focus on the candle closure in terms of the mirror level of $2,300. If the bar closes far from it, the correction may continue to the $2,150-$2,200 zone.

Ethereum is trading at $2,259 at press time.

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