ETH/USD technical analysis, December 8

08.12.2020 19:24:37

The ETH/USD pair continues to trade in the triangle, which began to form on December 1. The triangle limits the movement of the pair by the levels of $600 and $570. And in the coming sessions, the ETH/USD pair should decide in which direction it will continue to move.

On the daily chart, the ETH/USD pair is showing a pronounced uptrend. In case of a downward exit from the triangle, the pullback of the ETH/USD pair may not be as serious as it was predicted last week. In the case of a decline, the ETH/USD pair may drop to the 520 area, where it will find support. This level provided sufficient support for the ETH/USD pair at the end of November.

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Considering a possible decline to the level of $520, the ETH/USD pair will keep moving in the trading range of $520- $600. A change in the direction of the trend on the daily chart is unlikely in the current situation.

RSI and MACD indicators are moving in neutral position. Although the RSI is showing a minor bullish move. The Awesome Oscillator suggested an increase in bearish momentum.

MACD has weak momentum, which is starting to enter the bearish zone. But the weak momentum has not yet influenced the price.

Thus, the forecast for the ETH/USD pair remains neutral, however, any impulse when the pair exits the triangle can form a new movement.