Your Crypto Focus: 4th December – 10th December
Crypto markets have been mainly higher this week, with most of the top 50 gaining after last week’s weakness. The week has not been exactly topped with buyer momentum as sellers have been fading into buyer strength. This has set up a bit of a choppy week overall. So far, the heavy selling we saw late last week due to the Omicron variant has settled down and, for now, looks to be moving out of traders minds.
This weeks focus is on Ethereum. For now, price continues to trade in a new upswing and today’s bar is of interest as it continues to hold a new HL above 4510 resistance. This point has now started to for as support, and while this remains, we could be seeing a new continuation developing.
If we see that level (4510) continue to hold, we will look for buyers to hold control if momentum can return like we saw earlier in the week, then there’s always a possibility we could see a new test of previous records. But if we see sellers close below 4510 we would start to worry about buyer control. Supply seen up around 4700 could start to project a new test lower.