Ethereum (ETH) Price Analysis for December 31

Bulls are trying to seize the initiative on the last day of 2022 as all the top 10 coins are in the green zone.

ETH/USD

Ethereum (ETH) has followed the bounce back of Bitcoin (BTC), rising by 0.45%.

On the local chart, Ethereum (ETH) is trading near the hourly resistance level at $1,199.60. If the candle closes near it, the breakout may lead to a further rise to the $1,206 zone by the end of the week.

On the daily time frame, the bar is about to close similarly to the previous one, which means that bulls still have a chance to seize the initiative.

If closure above the vital $1,200 zone happens, the impulse could continue to the $1,210-$1,220 zone within the next few days.

On the bigger chart, the situation remains the same, as the rate of Ethereum (ETH) has not decided which way to go yet in the midterm point of view. If bulls want to be back in the game, they need to restore the price above the $1,300 area.

Ethereum is trading at $1,198.60 at press time.