Bitcoin is Falling Weak at Resistance While Ethereum Eyes a 10% Upswing To Begin the December Trade
The cryptocurrency market is about to enter the final stretch of the year and volatility is expected to spike significantly. Hence, most cryptocurrencies, especially altcoins, are trying to break above their key resistance levels, which may further help them reach new highs in the upcoming bull run. Furthermore, the possibility of a strong altcoin season also arises as Ethereum, known as the base for other altcoins, launches a strong bullish attack.
The Ethereum ETF outperformed the BTC ETF for the first time. The recent increase in ETH price seems to have caught the attention of investors, which is also reflected in spot ETH ETF trading volume. Between November 22 and 27, the net flows of these ETFs surged significantly, reaching $333 million, surpassing BTC’s approximately $320 million. Among them, BlackRock alone has accumulated more than $250 million.
As ETH continues to outperform, investor confidence is clearly changing, which could further lead to significant changes in its value. this Ethereum price After breaking out of the inverse head and shoulders pattern and successfully retesting it, the price is ready to surge higher as the trend continues. This suggests that the medium-term target for ETH price growth is above $5,500.
After a successful short-term breakout, ETH price is bullish in the long-term. The price is trading along the rising support line and is about to test the final resistance zone between $3870 and $4016 below ATH. As the RSI continues to increase and the Gaussian channel has turned bullish, the bulls are trying to break out before reaching the apex of the ascending triangle. Therefore, ETH price is expected to break out of the resistance zone and enter the final resistance level for ATH.
Meanwhile, some concerns are being raised about volume, which remains well below bull market territory. However, those volumes appear to be flowing into the ETF, keeping bullish hopes alive. According to some reports, institutional investment in the technology exceeds the ETH price. Therefore, this shows that the growing confidence in the platform is likely to maintain the upward trend and reach the 5-digit level as well.
