In the recent crypto-market trends, it is quite clear that both, Bitcoin (BTC) and Ether (ETH) haven’t been able to go above their resistance levels. As a result, both cryptocurrencies went below their respective resistance levels. As both cryptocurrencies experienced the dip, this shows that both cryptocurrencies are still in their bearish phase.
As compared to Bitcoin, Ethereum seems to be in a better position, which is the result of the EIP (Ethereum Improvement Proposal) 1559 upgrade. This means that Ether’s credibility as a store of value is now higher than that of Bitcoin. The recent analysis on their annual rate of increase suggests that compared to Bitcoin’s 1.99% increase, Ethereum’s achieved a 0.98% increase in supply following EIP-1559.
The major factor behind the increase in ETH’s supply is the inception of altcoins belonging to three major spaces. These spaces include the metaverse, decentralized finance, and nonfungible tokens.
As of now, the analysts are leaning towards ETH, supporting its bullish trend.
They are predicting that for now, it is ETH that is expected to have higher rallies that may take it between the range of $6,000 and $10,000 per ETH.
The performance for Bitcoin shows that it wasn’t able to sustain its price above the $57,905 per BTC figure. It was the 20-day exponential moving average (EMA) for Bitcoin. BTC was expected to sustain it between the 30th of November and the 1st of December. For now, it is the bears that are dominant when it comes to the BTC market.
As for the 100-day simple moving average (SMA), the analysts suggested that the bears will make the attempt of sinking the price below the $54,485 per BTC figure. Unfortunately, the bears did manage to sink it and the price of BTC was brought down to $53,256.64 per BTC on November 28, 2021.
After that, the bears were going to make another move and bring BTC’s price below the $50,000 per BTC market. From the deep analysis of Bitcoin, the analysts had predicted that the bears will attempt to build the psychologically critical support (PCS) for Bitcoin at $50k per BTC.
According to the analysts, if the (PCS) does kick in, then it is highly likely for the investors to start selling Bitcoin on quite a large scale. The particular event may result in dragging the price of Bitcoin down to $40,000 per BTC.
As of December 4, 2021, BTC has dropped below the $50k per BTC price. On December 4, 2021, the price of BTC went all the way down to $45,032.95 per BTC. However, as of now, its price has made a comeback and it is currently above the $49k per BTC mark.
For now, the analysts are expecting that BTC may soon climb up to its 100-day SMA. If it manages to reach that point and sustain itself there, then it may be able to rise up to its 20-day EMA. If it manages to make that happen, then it may be able to rise over the $60,750, which is the 50-day SMA for BTC.