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What are the latest price trends for Ethereum (ETH)?


ETH has recently found support at key support levels. Source: TradingView

Ethereum (ETH) had a decent rally in the day on Thursday, alongside a more risk-friendly discourse against traditional asset classes (US equities are up and the US dollar is down).

The ETH/USD pair is currently trading in the $1,280 zone, up 4.40% in the past 24 hours, and is up around 2.5% from weekly lows in the zone. of $1,220.

Evolution of the price of ETH. Source: TradingView

ETH is gradually approaching its weekly highs from the start of the week, just above $1,300. ETH bulls are still trying to regain control since the brutal collapse of the FTX exchange about a month ago. Before the exchange implosion, ETH was trading in the $1,500-1,600 area. Since the collapse, rallies to $1,300 have been fleeting, with traders opting to liquidate their positions at the slightest sign of recovery.

Crypto analysis company data Saniment regarding the losses and profits made on ETH tokens show a spike in loss selling by traders following the collapse of FTX. Selling by so-called “weak hands” may well continue to weigh on the price of ETH in the near future.

Source: Santiment

Price Prediction – A recovery to $1,300 in sight?

On a shorter time horizon, the cryptocurrency appears to be heading towards the bounds of a bearish flag. ETH is currently testing the upper limits of this flagging structure and it looks like it might once again attempt a break-up around $1,300.

Breakout towards $1,300 for ETH. Source: TradingView

A further rally in stock markets and further weakness in the US dollar heading into the end of the week (perhaps aided by Friday’s US inflation data) could be the catalyst for which US dollar bulls Ethereum need. Technical buying could also be helpful as ETH has recently found support at its 21-day moving average and the 23.6% Fibonacci retracement level from the post-FTX meltdown lows below 1100. $ to pre-FTX collapse highs in the $1,600s.

Long-term bearish dominance for ETH

A rally in ETH to $1,300, and even a break above that level, does not change the longer-term technical outlook for the cryptocurrency, which remains bearish. Indeed, ETH is still on a downward trajectory since the summer of 2020 that looks likely to cap any rise in ETH in the short term.

Long-term bearish trend for ETH. Source: TradingView

For ETH to break out of the current downtrend, its price would need to sustainably break above the $1,500 area, an additional 20% upside from current levels. To achieve this, ETH would need to break above its 50, 100, and 200 DMA (Displaced Moving Average). Most long-term bears will likely remain confident in their short strategy during significant short-term rallies in ETH.

Ethereum whales continue to accumulate

While long-term price speculators are bearish, on-chain data shows that HODLers (long-term holders) remain confident in ETH’s outlook. According to Santiment, Ethereum wallets that hold between 100 and 1 million ETH tokens added a total of 561,000 ETH tokens between December 5 and December 6. This brings the holdings of the so-called “sharks and whales” of Ethereum to their highest level since the Ethereum merger that occurred in early September.

Source: Santinment

Altcoins offering faster returns

Most cryptocurrencies have been trading sideways for a few weeks now, leading some traders to look for alternatives with more near-term potential. Here are some of the major pre-sales going on in the market.

Dash 2 Trade (D2T)

Dash 2 Trade is an up-and-coming social trading and analytics platform that could establish itself as a benchmark in the crypto trading space thanks to its many unique features.

These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token quote alert system, and strategy back-testing tool. The Dash 2 Trade ecosystem will be powered by the D2T token, which users will need to purchase and hold in order to access platform functionality.

Dash 2 Trade is currently running a token pre-sale at deeply discounted prices. D2T token sales recently exceeded $9.055 million. This pre-sale operation has now entered its fourth and final phase and it continues to attract investors, with $400,000 received in the last 24 hours. The pre-sale dashboard will be released soon as the development team is currently ahead of schedule. The tokens are currently selling at a deeply discounted price of $0.0533.

Dash 2 Trade was recently ranked as the third best pre-sale token of 2022 by CoinCodex.

TAX

As the popularity of environmentally and socially friendly investments continues to grow, investors should give IMPT green cryptocurrency a close look. IMPT.io has partnered with thousands of major retailers around the world to help them offset their carbon footprint and allows users to trade carbon credits on the blockchain.

IMPT tokens are currently in their second pre-sale phase, and IMPT has currently raised over $15.6 million. This represents $1 million in token sales over the past 24 hours. Investors only have three days left to benefit from the current discounted prices of $0.023. Listings of IMPT tokens on exchanges will start in a few days.

IMPT was recently ranked as the best pre-sale token of 2022 by CoinCodex.

Calvaria (RIA)

Big blockchain-based games like Axie Infinity have lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternatives. Calvaria could be one of them. Calvaria seeks to drive crypto adoption by bridging the real world to crypto through fun and accessible crypto play.

Calvaria has now raised $2.36 million, with a crypto whale raking in $97,500 in a single purchase on Thursday. The pre-sale is currently in its final stages, with only 24% of the tokens remaining.





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