It has become more than a challenge for Bitcoin to get above the price range of US$ 60,000. It is perhaps due to the recent decrease in its value which averaged almost 7%. In addition, the challenge has become more obvious when Bitcoiners also saw Plan B’s prediction for November 2021 getting failed.
Bitcoin supporters, who were hoping for Bitcoin to activate the “Santa Claus Rally” once more, are now divided on its happening. The rally was last seen in 2020 when Bitcoin’s value sparked suddenly by 47%. The massive Santa Claus Rally spark for Bitcoin was seen in 2017 when the asset value skyrocketed by 80%.
As compared to Bitcoin, however, Ethereum’s movement in the market is commendable. While Bitcoin was gliding down with the start of December, on the other side, Ethereum was fetching price gains. On the very first day of December, Ethereum’s value spiked as high as US$ 4,868. The exponential moving average (EMA) of Ethereum is not glaringly evident.
Ehtereum’s RSI (i.e. relative strength index is also trending up which is yet another positive factor culminating in price surge. Consequently, EMA as well as RSI, have both put Ethereum in control of its “bulls”. Now it is up to the bulls to come into force. If this happens then, this will again take Ethereum’s value back to the price of US$ 4,868 or above.
Assuming that bulls are in control of Ethereum, then the head and shoulders (H&S) pattern will come into effect. With the H&S pattern in place, the very accustomed altcoin pair of Ethereum i.e. USDT will certainly take Ethereum’s price above US$ 5,500+. Ethereum supporters are in fact very much certain that the H&S pattern will definitely come into action prior to the end of 2021.
If somehow the pattern does not show up, then it is expected that Ethereum’s value will sink down to a 50-day simple moving average (SMA). This would mean the price may end up at the level of US$ 4,289 i.e. lesser than today’s market value of Ethereum.
With regard to Bitcoin, while the bears are there, yet they haven’t ceded any praiseworthy outcomes. The 20-day EMA, as compared to Ethereum, is quite sluggish. There is genuine difficulty being faced by Bitcoin for reaching the price range of US$ 54,463. For the time being, Bitcoin buyers are pumping funds in an effort to assist Bitcoin value to go past its 20-day EMA.
In this manner, they would also be cooling down Bitcoin’s selling pressure and increasing Bitcoin’s 50-day SMA. If they succeed then there is a chance that enables USDT to increase Bitcoin’s value to a price range above US$ 60,000. Otherwise, there is a possibility that Bitcoin may have to face another fall and its value reduced down to US$ 54,343.