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Ethereum, NEM, FTX Token Price Analysis: 07 December

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Ethereum registered its highest weekly close in the past 120 weeks with a price level of $601.95. While the short-term outlook and momentum remained neutral over the past few days, ETH bulls might be able to bounce off the $580-support and attempt to go past $620. NEM and FTX Token were also on a strong uptrend over the past month, before their movements were stalled over the past week.

Ethereum [ETH]

Ethereum, NEM, FTX Token Price Analysis: 07 December

Source: ETH/USD on TradingView

The level at $580 is a level that bulls would seek to hold on to in an attempt to force the price back above $620 in the coming days.

The price has been trading sideways in the $580-$600 range over the past few days, but this price action backed by low trading volume was indicative of gathering momentum and a likely surge upwards.

A close above $620 would be great news for the market’s bulls, while a close below $580 can see $550 retested as a support level.

The RSI underlined neutral momentum and a non-existent trend over the 4-hour timeframe.

NEM [XEM]

Ethereum, NEM, FTX Token Price Analysis: 07 December

Source: XEM/USD on TradingView

NEM was on a steady uptrend and the Awesome Oscillator was also in bullish territory. However, it showed that bullish momentum was waning and the price could see a pullback to retest the trendline support.

A level of resistance for XEM lay at $0.252. A support level at $0.2 could emerge if the trendline does not hold on to the support level it had at press time.

FTX Token [FTT]

Ethereum, NEM, FTX Token Price Analysis: 07 December

Source: FTT/USD on TradingView

FTT possessed a strong uptrend throughout November, but that appeared to have stalled after reaching a local high at $4.67. While the long-term outlook was still quite bullish, over the past week, the short-term momentum of the exchange token had lost steam.

As highlighted by the MACD, the momentum was neutral while the OBV showed a slight increase in buying volume, even as the price declined by 5% from $4.67 in a series of lower highs.

The trading volume was also observed to be trending downwards over the past week.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.
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