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Thursday, December 1, 2022
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    HomeMarketETH could cross the $1,200 resistance level soon

    ETH could cross the $1,200 resistance level soon

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    The cryptocurrency market has had a internet constructive week up to now and will finish the week on a constructive observe.

    The cryptocurrency market has been performing properly for the reason that begin of the week. The market had added greater than 5% to its worth for the reason that begin of the week, with the entire market cap now above $920 billion. If the constructive momentum is maintained, the entire market cap might cross $950 billion earlier than the tip of the week.

    Bitcoin stays the trade’s pace-setter and is up by practically 2% at present. It has maintained its worth above $20,000 however continues to wrestle to surge previous the $21k resistance degree.

    Ether, the world’s second-largest cryptocurrency by market cap, has had a internet constructive week up to now. Within the final seven days, ETH has added greater than 15% to its worth, making it one of many high performers amongst the highest 10 cryptocurrencies by market cap.

    Within the final 24 hours, ETH is up by greater than 3% and is buying and selling above $1,100 per coin. If it maintains its constructive efficiency, ETH might cross the $1,200 resistance degree over the subsequent few hours.

    Key ranges to observe

    The ETH/USD 4-hour chart is constructive as Ether has been performing properly for the reason that begin of the week. 

    The MACD line crossed into the constructive zone just a few days in the past and has maintained its constructive above that degree. The 14-day relative power index of 62 reveals that ETH might enter the overbought area if the market circumstances proceed to enhance. 

    At press time, ETH is buying and selling at $1,186 per coin and will rally previous the $1,200 resistance degree earlier than the tip of the day. 

    Nevertheless, Ether would wish the help of the broader market to maneuver previous the $1,300 resistance degree for the primary time this month.



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