Ethereum Resumes Its Ascent as It Tackles the Resistance at $1,300

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Ethereum ETH) Current Statistics
The current price: $1,289.08
Market Capitalization: $157,734,829,992
Trading Volume:5,264,023,197
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis December 5, 2022
The price of Ethereum (ETH) is regaining ground as it tackles the resistance at $1,300. The cryptocurrency is currently drifting sideways between the moving average lines. Ether fell to a lower price range and then recovered yesterday. Ether is currently resuming its ascent toward the most recent high. Near the current resistance level, the market is overbought. However, if the bears cross the 21-day line SMA once again, the slide will resume. The altcoin will fall and then reappear near the $1,100 support level. Given that the altcoin has entered the overbought zone, further gains are unlikely.

Ethereum Resumes Its Ascent as It Tackles the Resistance at $1,300
ETH/USD – Weekly Chart

ETH Technical Indicators Reading
Ethereum has dropped to level 49 on the Relative Strength Index for period 14. Because it is between the moving average lines, the ETH price is moving in a range. Ether is approaching the daily Stochastic threshold of 70.

Conclusion
Ethereum is trading between the moving average lines as it tackles the resistance at $1,300. The cryptocurrency’s price has now reached the market’s overbought zone. Sellers may appear in an overbought area to force prices down. On the other hand, a price rebound will break the current resistance level. This will signal the resumption of an uptrend.

Ethereum Resumes Its Ascent as It Tackles the Resistance at $1,300
ETH/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.