Bitcoin (BTC) and ether (ETH) have turned down from their respective upper resistance levels, suggesting that the bears continue to sell in rallies.
New research in Australia suggests that Ethereum Enhancement Proposal (EIP) update 1559 has made Ether a better store of value than Bitcoin. The report said that the annual rate of increase in the supply of Ether since EIP-1559 is 0.98% compared to a 1.99% increase in the supply of Bitcoin.
The demand for Ether has increased following the growing popularity of non-fungible tokens, decentralized finance, and Metaverse-related altcoins. Various analysts remain bullish on Ether and anticipate that you will recover in the range between $ 6,000 and $ 10,000.
On-chain analytics firm Glassnode said a high open interest in the derivatives market and long-term holders selling could extend Bitcoin's decline. "Leverage open interest in options and futures at or at a new all-time high" could result in a reorganization.
Could Bitcoin correction bring the entire crypto sector down? Let's study the charts of the top 10 cryptocurrencies to find out.
The bulls were unable to hold the price of Bitcoin above the 20-day exponential moving average (EMA) ($ 57,905) on November 30 and December 1. This suggests that the bears are defending the 20-day EMA vigorously. The bears will now attempt to sink and hold the price below the 100-day simple moving average (SMA) ($ 54,485) and the November 28 intraday low at $ 53,256.64. If they are successful, the BTC / USDT pair could plummet to the psychologically critical support of $ 50,000. This is an important support to watch out for because if it breaks down, the sell could pick up momentum and the pair could drop to $ 40,000. The falling 20-day EMA and the Relative Strength Index (RSI) in the negative zone suggest that the path of least resistance is to the downside. Contrary to this assumption, if the price bounces off the 100-day SMA and rises above the 20-day EMA, it will indicate accumulation at lower levels. The pair could then rally to the 50-day SMA ($ 60,750). Ether was down from $ 4,778.75 on Dec. 1, indicating that bears are aggressively defending the all-time high of $ 4,868. The price fell back to the 50-day Simple Moving Average (SMA) ($ 4,319) on December 3. If the price recovers from the current level, it will suggest that sentiment remains positive and traders are buying on dips. The bulls will make one more attempt to push the price above $ 4,868. If they are successful, the ETH / USDT pair could resume its uptrend, with the next target target at $ 5,796. Conversely, if the price breaks below the 50-day SMA, it will indicate that traders may rush out. Then the pair could drop to the strong support at $ 3,900. The bulls again tried to push Binance Coin (BNB) above the overhead resistance at $ 669.30 on Dec 1, but failed. This suggests that the bears continue to pose a stiff challenge at higher levels. The 20-day EMA ($ 602) has stabilized and the RSI is close to the midpoint, indicating a possible range-bound action in the near term. If the price breaks below the 20-day EMA, the BNB / USDT pair could drop to the 50-day SMA ($ 564). This is an important level for the bulls to defend because a break below it could push the price to the 100-day SMA ($ 494). Conversely, if the price rises from the current level or from the 50-day SMA, the bulls will attempt to push the pair above the $ 669.30 to $ 691.80 resistance zone. SolariumSUN) broke and closed above the resistance line of the symmetrical triangle on December 1, but the bulls were unable to sustain the higher levels. The bears pushed the price back into the triangle on December 3. If the price bounces off the 20-day EMA ($ 215), the bulls will make one more attempt to initiate the upward move by pushing the SOL / USDT pair above the overhead resistance at $ 243.12. Contrary to this assumption, if the price breaks below the 50-day SMA ($ 210), it will suggest that the recent break above the resistance line may have been a bullish trap. The bears will try to sink the price below the triangle support line. A breakout and close below the 100-day SMA ($ 178) could initiate a deeper correction that could hit $ 140. CardanoTHERE ARE) rallied sharply on December 2, but hit a wall at the 20-day EMA ($ 1.72). The failure of the bulls to overcome the general hurdle may have attracted strong selling from the bears. Sellers will now try to sink the price to the strong support zone at $ 1.50 to $ 1.41. This is an important support that bears must defend because if it breaks, the sell could accelerate and the ADA / USDT pair may begin its journey down to $ 1. Contrary to this assumption, if the price rises from the support zone, it will indicate that it is buying at lower levels. The bulls will make one more attempt to push the price above the 20-day EMA. If that happens, the pair could move up to the 50-day SMA ($ 1.94). Ripple's (XRP) the inability to break out and stay above the psychological level at $ 1 indicates that the bears are aggressively selling on minor rallies. The price has turned down and the bears will now try to push the price to the strong support at $ 0.85. The falling 20-day EMA ($ 1.02) and the RSI below 37 indicate that the sellers are in control. If the bears sink and hold the price below $ 0.85, the XRP / USDT pair could plummet to the next support at $ 0.70. On the other hand, if the price rises from the current level or support at $ 0.85 and breaks above the 20-day EMA, it will suggest that the selling pressure may be easing. The pair could then move up to the 50-day Simple Moving Average (SMA) ($ 1.09). Polkadot (DOT) turned down from the H&S pattern breakout level to $ 38.70 on November 30 and broke below the 100-day SMA ($ 37). The bears will now try to push the price to the strong support at $ 32.21. If this level breaks, the selling could intensify and the DOT / USDT pair could plummet to the next support at $ 26. The falling 20-day EMA ($ 39) and the RSI in negative territory suggest that bears have the upper hand. . Conversely, if the price rises from the current level and breaks above the 20-day EMA, it will indicate that the markets have rejected the lower levels. That can catch several aggressive bears, resulting in short coverage. The pair could then climb to the 50-day SMA ($ 43) and then to $ 47.50. Related: NFT Music Platforms Will Discontinue Spotify In 2022, Predicts Saxo Bank The bulls repeatedly failed to pressure Dogecoin (DOGE) above the 20-day EMA ($ 0.22) in recent days, suggesting that sentiment remains negative and bears are selling on rallies. The 20-day EMA is sloping down and the RSI is below 36, indicating that the path of least resistance is to the downside. If the bears sink the price below $ 0.19, the DOGE / USDT pair could fall to the critical support at $ 0.15. On the other hand, if the price rises from the current level or bounces off $ 0.19 and breaks above the 20-day EMA, it will indicate a strong build-up at lower levels. Then, the pair could move up to the 50-day Simple Moving Average (SMA) ($ 0.24). Terra's LUNA token broke the moving averages on November 28 and gained momentum. Strong buying from the bulls pushed the price to a new all-time high on November 30, signaling the resumption of the uptrend. The failure of the bears to stop the bullish movement at the resistance line indicates an aggressive buying by the bulls. If the price sustains above the channel, the LUNA / USDT pair could rise to $ 85.07. On the contrary, if the price goes down and falls back in the channel, it will suggest that traders are recording profits at higher levels. The pair could then decline to the 20-day EMA ($ 51). If the price recovers from this level, it will suggest that the sentiment remains positive, while a break below the 20-day EMA could push the price to the support line of the channel. Avalanche (AVAX) declined from the 61.8% Fib retracement level to $ 129.26 on Dec. 1. This may have triggered a profit booking by traders, which pushed the price down below the 20-day EMA ($ 109) on December 2. The flattening of the 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. If the bulls push and hold the price above the 20-day EMA, the AVAX / USDT pair could rally to $ 129.26. A breakout and close above this level could open the doors for a possible retest of the all-time high of $ 147. Alternatively, if the price does not sustain above the 20-day EMA, it will suggest that traders are selling on minor rallies. Then the bears will try to sink the price below the psychological support at $ 100. If that happens, the pair could decline to the 50-day SMA ($ 87). The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision. Market data is provided by HitBTC exchange.
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