Bitcoin and Ether Market Update December 2, 2021
Total crypto market cap added $29 billion to its value for the period since Monday and now stands at $2.58 trillion. The top ten coins were mostly in red for the last 24 hours with Polkadot (DOT) losing 5.1 percent while Solana (SOL) added 1.4 percent to its valuation At the time of writing bitcoin (BTC) is trading at $56,350. Ether (ETH) is at $4,530.
Bitcoin closed the trading day on Sunday, November 28 at $57,300 and once again avoided a weekly close below the already established support in the $55,000-$56,000 area. Bulls bounced back from a daily low of $53,100 after finding stability at the diagonal trendline on the weekly timeframe (first point in mid-July). In the same zone, we could see the 21-period EMA and the September 2021 peak now serving as a support line.
The coin lost 2.2 percent for the seven-day period.
On Monday, the BTC/USDT pair continued to move in the upward direction. It formed a third consecutive green candle on the daily chart and ended the session at $57,760, but still was unable to move above the short-term diagonal we drew a few reports back. Even though that line was broken in the November 7-16 period it proved to be extremely resilient to buying pressure in the rest of the time.
The Tuesday session came with an attempt to push above the mentioned zone and the 21-day EMA in the early hours of trading. The volumes, however, could not support a breakout and bitcoin fell down to $56,970 in the evening, closing in the red.
The leading cryptocurrency ended the month of November with a 7.2 percent loss.
The mid-week session on Wednesday was more or less the same – BTC bulls quickly initiated a strong move to the upside just to see it fully retraced later in the session.
What we are seeing midday on Thursday is the coin trading slightly lower – at $56,350.
The Ethereum Project token ETH registered its second consecutive day in green on Sunday, November 28 after touching the weekly support level at $3,900 for the ninth time in the last 30 days. The coin finally started moving in the upward direction, breaking its dependency with BTC.
It ended the seven-day period one percent increase.
The new trading week started with a break above the 21-day EMA on the daily timeframe and the Point of Control line as shown on the Volume profile indicator. ETH increased by 3.7 percent end closed the day at $4,437.
The Tuesday session was no different and the price of ether continued to surge. It climbed further up to hit $4,632 at the candle close. It is worth noting that the coin is now trading above the important support/resistance area near $4,400 – $4,450.
The ETH/USDT pair closed the month of November with an 8.4 percent of a price increase.
The third day of the workweek and first for December started with a new local high – $4,770 followed by a quick retrace down to $4,586.
The Ethereum token is currently trading at $4,528.