Bitcoin (BTC) and Ethereum (ETH) Market Update December 1, 2022

The total crypto market cap is up by $39 billion for the period since Monday and now stands at $858 billion. The top ten currencies are mostly in red for the day with Polygon (MATIC) being the biggest gainer with a 5.2 percent of increase for the last 24 hours while Dogecoin (DOGE) lost 2.5 percent. At the time of writing bitcoin (BTC) is trading at $17,084. Ethereum (ETH) is at $1,280.

BTC/USD

Bitcoin closed the trading week of November 21-27 at $16,450 and with a one percent increase after jumping 5.5 percent up from its seven-day low. The long-term diagonal support on the bigger timeframe provided the required stability keeping buyers’ hopes alive.

On Monday, the BTC/USDT pair fell down to $16,200 but not before touching $16,000 in the early part of the session. This was the fifth straight red candle on the daily chart.

The biggest cryptocurrency compensated for the losses on the very next day – November 29 when it climbed to $16,450. We can safely say that a new range has been formed in the $17,500 – $15,500 area.

BTC rallied to $17,200 during the mid-week session on Wednesday thanks to the more dovish comments from the US Federal Reserve (FED) chairman Jay Powell. Bulls pushed the price 4.3 percent up to close above the 21-day EMA for the first time since November 7.

The coin ended the month of November 16.5 percent lower compared to the previous 30-day period.

What we are seeing midday on Thursday is a slight correction while the price continues to hover around the $17k mark. The RSI continues to show a bullish divergence with the price direction on both the daily and weekly timeframe charts while volumes are relatively low.

ETH/USD

The Ethereum Project token ETH closed the week of November 21-27 with a 4.8 percent increase and right at the formed horizontal support at $1,200. The coin managed to avoid falling below the important $1,000-$1,100 support area and printed its first green week since the end of October.

On Monday, November 28 the ether dropped to $1,167 but found stability at the former short-term diagonal resistance on the daily chart.

The move was followed by a solid green session on Tuesday during which the biggest and most popular altcoin moved 4 percent up to $1,219 fully erasing the losses from the last 5 trading days.

The uptrend continued on Wednesday and as mentioned above the more dovish comments from the FED helped the major digital assets perform better. ETH was no exception adding 6 more percent to its valuation.

It climbed above the 21-day EMA and closed the day at $1,294, moving above the important $1,270 level (former support turned into resistance) for the first time since November 10.

A proper consolidation here would open the door for further rally up towards the $1,400-$1,420 zone.

The ETH/USDT pair ended the month of November with a 17 percent loss.

As of the time of writing this market update, the altcoin is trading slightly lower – at $1,280.