02 December 2021 06:28, UTC
Reading time: ~ 2 m
Yesterday, the Ethereum price was unable to overcome the key resistance of 4800.00 USD. The bears managed to derail the bullish run to new all-time highs.
Yesterday, the bulls made another desperate attempt to restore the bitcoin price to 60,000.00 USD. Buyers tested the level of 59000.00 USD and at this their strength dried up. In this area, sellers seized the initiative, returning the pair to the area of average prices.
At the end of the day, the bears intensified the onslaught and pushed the BTC price below the two-hour EMA55. As of this morning, the pullback has reached 55840.00 USD and bearish pressure has eased slightly. The price is sluggishly recovering, but the decline is not over yet.
We expected support for the 78.6% fibo level (55287.64 USD), but now it does not look convincing enough. In the event of a breakout, bears could return the pair to the November low zone.
ETH / USD
Yesterday morning the bulls tried to test the important resistance at 4800.00 USD. However, in the area of 4780.00 USD, the growth slowed down. The maximum was fixed at the point 4784.00 USD.
In the afternoon, the bears launched a counterattack and pulled the pair back to the two-hour EMA55 area. The average price level stopped the decline this morning, but can it keep the price from a deeper pullback?
In the event of a breakout of the EMA55 moving average, it is hoped that the support at 4300.00 USD will keep the pair in short-term consolidation.
During the day yesterday, XRP price consolidated in a narrow sideways channel between support at USD 1.00 and resistance around USD 1.020.
In the afternoon, the crypto market was in the red. Ripple’s price is no exception, falling out of the sideways range. At night, the price broke through the psychological support of 1.00 USD and tested the orange level of 0.960 USD this morning. Whether this weak support can be counted on is not clear yet.
Most likely, the decline will continue to the area of the recent monthly minimum.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP