empty
06.12.2022 11:07 AM
Technical Analysis of ETH/USD for December 6, 2022

Crypto Industry News:

A Chinese court in the city of Hangzhou has ruled that NFT token collections are online virtual property that should be protected under Chinese law.

An article published by the Hangzhou Internet Court, a specialist internet court, reveals favorable comments for NFTs after the country began cracking down on cryptocurrencies in 2021, leaving NFTs in a gray area.

The article states that NFTs "have subjective property rights features such as value, rarity, controllability, and marketability" and "belong to virtual network property" that "should be protected by the law of our country."

The court decided that it was necessary to "confirm the legal attributes of NFT digital collections" for the case and acknowledged that "Chinese laws currently do not clearly define" the "legal attributes of NFT digital collections".

The court order was expedited in a case where an anonymous technology platform user sued a company for refusing to complete a sale and canceling an NFT purchase from a "flash sale" because the user provided a name and phone number that allegedly did not match the company's information.

Technical Market Outlook:

The Ethereum cryptocurrency has made the recent local high at the level of $1,308 in extremely overbought conditions, so a pull-back towards the level of $1,236 is taking place whole the bulls are again trying to resume the rally. The intraday technical resistance is located at $1,305, but the next target for bulls is seen at $1,343. The momentum is neutral on the H4 time frame chart, so the short-term outlook remains neutral as well. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $1,345

WR2 - $1,317

WR1 - $1,305

Weekly Pivot - $1,289

WS1 - $1,277

WS2 - $1,261

WS3 - $1,233

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on July 3

Bitcoin and Ether have resumed growth, reaching new weekly highs amid favorable macroeconomic conditions. Over the past 24 hours, Bitcoin has risen by 2.5%, trading above $109,000. Ethereum also advanced

Miroslaw Bawulski 08:47 2025-07-03 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 2

Bitcoin continued its correction and during today's Asian trading session reached a new level of $105,000. Ethereum also dropped significantly but was quickly bought back, stabilizing around $2,425. Meanwhile

Miroslaw Bawulski 08:33 2025-07-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 1

Bitcoin failed to hold the $108,000 level, slipping into a more acceptable zone around $107,000. Ethereum also showed weakness at the end of the month, retreating to $2,460 after failing

Miroslaw Bawulski 08:55 2025-07-01 UTC+2

Key events this week that may impact crypto market

Bitcoin has pulled back below the $108,000 level, while Ethereum briefly rose above $2,500 over the weekend before retreating again. Clearly, traders will be closely monitoring several upcoming macroeconomic data

Jakub Novak 14:53 2025-06-30 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 30

Bitcoin and Ethereum continued to grow over the weekend, indicating steady demand even as the leading cryptocurrency approaches its historical highs. While everyone is anticipating that Bitcoin will soon break

Miroslaw Bawulski 09:30 2025-06-30 UTC+2

Trading tips for crypto market on June 27 (North American session)

Bitcoin made another attempt to return to the $108,000 level, but failed to hold it and corrected lower, falling below the $107,000 mark, a move that could lead

Miroslaw Bawulski 15:47 2025-06-27 UTC+2

Another Major Company Announces $1 Billion Raise to Buy Bitcoin

The cryptocurrency market is showing strong confidence. Given its correlation with the U.S. stock market—where historical highs are being updated—there is room to expect further growth in digital assets. However

Jakub Novak 10:50 2025-06-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 27

Bitcoin and Ethereum have paused their upward movement following yesterday's weak fundamental data, indicating a slowdown in the U.S. economy's growth. However, this wasn't the primary driver behind the pause

Miroslaw Bawulski 09:16 2025-06-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 26

Bitcoin and Ethereum are demonstrating stable growth amid new forecasts regarding the number of interest rate cuts expected from the Federal Reserve this year. Another dovish stance from

Miroslaw Bawulski 09:19 2025-06-26 UTC+2

Bitcoin Aims For Continued Growth

Yesterday, Bitcoin continued its upward movement, driven by the notably softer tone of Federal Reserve Chair Jerome Powell regarding the future of interest rates. His cautious remarks — that

Jakub Novak 12:42 2025-06-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.