ETH Tanks As BTC Rally Cools Down
The digital assets failed to catch a bid on Tuesday as the investor focus shifted to the US equities. The Ethereum price fell to its fresh weekly lows as many leverage traders closed their longs. On the same day, lower-than-expected inflation data for the month of October resulted in a strong surge in the stock market.
ETH to USD price was down 3.56% at press time. The cryptocurrency also slid against Bitcoin as the ETH/BTC pair showed a 1.01% loss on Tuesday. Other cryptocurrencies also tanked very hard as the traders took profits after a strong crypto rally in November.
The week started with the fake news of BlackRock filing for spot XRP ETF. The news was debunked immediately by the largest asset manager and the price action in the digital assets reversed. At the time of writing, Bitcoin price was down 2.42% for the day.
Ethereum Price Outlook
If we perform the technical analysis on the ETH price chart on the hourly timeframe, we can see that the price has broken below the range lows of $2,021. However, the high timeframe outlook is still looking bullish. A reclaim of the $2,021 level may result in a rally toward the yearly highs around $2,152
