Price Analysis: Bitcoin and Ethereum
The month is coming to an end, with Bitcoin and Ethereum prices recording their second worst monthly performance since trading began.
Only in November 2018 did the monthly shutdown surpass the current debacle with a 36% loss for Bitcoin – the worst loss ever – and 42% for Ethereum – the third worst loss by magnitude.
The weekly increases reverse the negative trend that marked the previous weeks of the month, and shine a faint positive light among traders who directly or indirectly suffered from FTX storm.
A glimmer of hope also highlighted by Fear and greed indicatorwhich during the weekend rises to 28 points and moves out of the ‘Extreme fear’ zone to ‘Fear’ for the first time since the FTX exchange filed for bankruptcy.
Prominent among the big names is the rise of Litecoin (LTC) and Dogecoin (DOGE) which both end with weekly gains of more than 20%.
They bode well for the positive closings of tokens linked to the Solana (SOL) and Cardano (ADA) open source projects, alternatives to the Ethereum blockchain, which have been particularly attacked by declines in recent weeks.
The SOL token ends the week up a good 15% and is trying to get back above $15, a level left on November 12. ADA is struggling, which after 3 consecutive weeks in the red is trying to dampen sales by ending the week with a positive sign (+0.3%).
The prices of Bitcoin (BTC) and Ethereum (ETH)
Bitcoin: value and forecast
The weekly upward close just over 1% may be misleading.
The price of Bitcoin (BTC) appears to move through quicksand. In fact, with Sunday’s finish in the red, there have been four consecutive down days, highlights the difficulty of getting back above the $16,500 resistance.
It is necessary to get back above this level by confirming the daily close for several consecutive days to get a first clear technical signal of restart and increase the chances of regaining $16,800 to move towards the crucial threshold of $17,000 resistance.
The value of Ethereum
For the first time since the end of October, the price of Ethereum (ETH) manages to close 3 consecutive daily cycles on the upside.
This is a positive signal that must be confirmed later this week.
The end of the weekly cycle ended with the price just above the 50% Fibonacci retracement levelconfirming the bullish trend.
Holding the $1,150 support could be the springboard to move back above $1,230 during the week welcoming the final month of the year.
