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