The post Bitcoin is Falling Weak at Resistance While Ethereum Eyes a 10% Upswing To Begin the December Trade appeared first on Coinpedia Fintech News
The crypto markets are about to enter the final phase of the year, where the volatility is expected to spike heavily. As a result, the majority of the cryptos, specifically altcoins, are trying to rise above their pivotal resistance, which may further assist them in marking new highs during the upcoming bull run. Moreover, the possibility of a strong altseason has also emerged as Ethereum, which is known as the base for the other altcoins, has launched a strong bullish attack.
For the first time, Ethereum ETFs have outpaced the BTC ETF. The recent rise in the ETH price seems to have caught the investor’s attention, which has reflected in the spot ETH ETFs volumes. The ETFs witnessed a massive surge in net flows, recording $333 million, surpassing BTC, which is around $320 million, between November 22 and 27. Out of this, Blackrock alone accumulated over $250 million.
Source:X
As ETH continues to outshine, it’s clear that the investor’s confidence is shifting, which may further lead to a major change in its value. The ETH price is ready to surge higher with the trend continuation after the breakout of the inverse head-and-shoulder pattern followed by a successful retest. This suggests the interim target of the ETH price rally is somewhere above $5500.
After a successful breakout in the short term, the ETH price has become favourable for bulls in the long term. The price, which is trading along an ascending support line, is about to test the final resistance zone below the ATH between $3870 and $4016. The bulls are trying for a breakout before reaching the apex of the ascending triangle as the RSI is incremental and the Gaussian channel has turned bullish. Therefore, the ETH price is believed to surpass the resistance zone and enter the final resistance at the ATH.
Meanwhile, the volume raises some concerns, which remains pretty lower than the bull run range. However, these volumes seem to be flowing into the ETFs, which keeps the bullish hopes alive. According to some reports, the institutions are investing more in technology than the ETH price. Therefore, this suggests the growing confidence in the platform, which may keep up the elevated trend, reaching a 5-digit level too.