Will ETH outperform Bitcoin again in December?
The past year has proven that the top altcoin outperforms Bitcoin. In particular, ETH is up 418% year over year, while Bitcoin is just over 60% at press time. In addition, this has also prompted ETH to overtake Bitcoin and do better.
With the rise in ETH / BTC, ETH seems to outperform BTC, although it is still a long way from overthrowing the crypto king. In fact, the pair rose over 230% in 2021, hitting a new high of 0.089 BTC on December.
Follow report Recently, CryptoCompare’s ETH was the top performing asset among the top cryptocurrencies in the market in November, realizing a return of 7.9% over the month. Followed by SOL with an increase of 2.8%. However, all other major assets fell in November, with BTC, XRP and ADA being -7.1%, -10.2% and -21%, respectively.
Can ETH continue its upward momentum in December?
The recent decline in the market has pulled ETH below the $ 4,000 mark. This comes after the price closed below $ 4,200 for the week, which leaves contestants to wonder if December is a sad time for the biggest altcoin? The price was down nearly 15% in December to hit $ 4,000, with losses of 4.7% daily and 12.16% weekly at press time.
On the daily chart, the trading volume and the relative strength index (RSI) of the ETH have hit lower lows. Additionally, the RSI hit 3 consecutive lower highs as the price structure formed a symmetrical triangle on the daily chart.
Source: trade view
It is noteworthy that the symmetrical triangle can affect the price in either direction. However, on the weekly chart, ETH appears to have broken out of a rising wedge, which is usually a bearish reversal signal if it breaks below the USD 4,000 trendline.
This credit good effect outweighs
The average fees spent on the Ethereum network were consistently higher in November, hitting a monthly all-time high (ATH) of $ 1.82 billion, up nearly 35% from October.
Lower average fees are associated with a higher number of daily active addresses. This could be a sign of a new wave of interest in ETH fueled by the lower barrier to entry.
Source: Sanbase
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In the long term, ETH looks promising. However, with over 69,000 short contracts at $ 3,000 and over 68,000 short contracts at $ 4,000, market sentiment appears to be on the downside.
Overall, the high correlation with BTC favored the price development at ETH. However, the indicator has so far been trending downwards.
Source: IntoTheBlock
In addition to the BTC correlation, ETH volatility is increasing, which often coincides with price declines, as shown below.
Source: IntoTheBlock
Therefore, the price of ETH could move sharply in both directions in the event of increased volatility. For the time being, the expiry of the options on December 17th could play an important role in the development of ETH in the short term.
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Ethereum
Will ETH outperform Bitcoin again in December?
The past year has proven that the top altcoin outperforms Bitcoin. In particular, ETH is up 418% year over year, while Bitcoin is just over 60% at press time. In addition, this has also prompted ETH to overtake Bitcoin and do better.
With the rise in ETH / BTC, ETH seems to outperform BTC, although it is still a long way from overthrowing the crypto king. In fact, the pair rose over 230% in 2021, hitting a new high of 0.089 BTC on December.
Follow report Recently, CryptoCompare’s ETH was the top performing asset among the top cryptocurrencies in the market in November, realizing a return of 7.9% over the month. Followed by SOL with an increase of 2.8%. However, all other major assets fell in November, with BTC, XRP and ADA being -7.1%, -10.2% and -21%, respectively.
Can ETH continue its upward momentum in December?
The recent decline in the market has pulled ETH below the $ 4,000 mark. This comes after the price closed below $ 4,200 for the week, which leaves contestants to wonder if December is a sad time for the biggest altcoin? The price was down nearly 15% in December to hit $ 4,000, with losses of 4.7% daily and 12.16% weekly at press time.
On the daily chart, the trading volume and the relative strength index (RSI) of the ETH have hit lower lows. Additionally, the RSI hit 3 consecutive lower highs as the price structure formed a symmetrical triangle on the daily chart.
Source: trade view
It is noteworthy that the symmetrical triangle can affect the price in either direction. However, on the weekly chart, ETH appears to have broken out of a rising wedge, which is usually a bearish reversal signal if it breaks below the USD 4,000 trendline.
This credit good effect outweighs
The average fees spent on the Ethereum network were consistently higher in November, hitting a monthly all-time high (ATH) of $ 1.82 billion, up nearly 35% from October.
Lower average fees are associated with a higher number of daily active addresses. This could be a sign of a new wave of interest in ETH fueled by the lower barrier to entry.
Source: Sanbase
Do not miss cevil credit Discount sign
In the long term, ETH looks promising. However, with over 69,000 short contracts at $ 3,000 and over 68,000 short contracts at $ 4,000, market sentiment appears to be on the downside.
Overall, the high correlation with BTC favored the price development at ETH. However, the indicator has so far been trending downwards.
Source: IntoTheBlock
In addition to the BTC correlation, ETH volatility is increasing, which often coincides with price declines, as shown below.
Source: IntoTheBlock
Therefore, the price of ETH could move sharply in both directions in the event of increased volatility. For the time being, the expiry of the options on December 17th could play an important role in the development of ETH in the short term.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
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