Bitcoin, Ethereum, Dogecoin fight with price pressure
The price of Bitcoin tested the $ 60,000 level twice over the weekend. After that, we have a new price withdrawal below $ 58,000, and we are now at the current $ 57,390. Bearish pressure is still present on the chart, and we can now expect a new test of the previous low at $ 56,000.
- The price needs to break above $ 58,000 and test the MA20 moving average, looking for potential support.
- The sequel climbs us up to $ 60,000 of previous resistance and MA50 moving average.
- The break above us points to the next resistance at $ 62,000 and the MA200 moving average.
- Our next resistance is to the $ 64,000 October zone, and the break above us returns to the bullish scenario.
- We need to continue the negative consolidation, which will lead us lower to testing the November lower low to $ 56,000.
- Further breakthrough below the descent us to the next support at 55000 psychological level.
- Next below, our support is at $ 52,000 on the bottom trend line of a larger growing channel. Here we can expect a larger support zone and a return to the bullish trend.
Ethereum chart analysis
Ethereum’s price tested the zone at $ 4400 over the weekend. The breakout upper is not finished, and we now have a price pullback to the support zone at $ 4200. The picture is bearish at the moment, and based on that, we expect the price to continue to fall to lower support zones.
- We need a new positive consolidation above the MA20 moving average that would take us up to $ 4400 again. The potential break above would take us to the upper trend line around $ 4500, where additional resistance in the MA50 moving average awaits us.
- A break above the trend line puts us in a strong bullish trend, and then we can win new highs on the chart.
- We need continued negative consolidation for new testing of the October lower low at $ 4000.
- In the $ 3900 zone, we find new support in the MA200 moving average.
- A further drop in the price of ETHUSD may lead us to a lower trend line in the $ 3600-3700 zone.
Dogecoin chart analysis
The price of Dogecoin also had a pullback over the weekend, dropping to support at 0.22000. Now we hope that the price will find good support and make a bullish movement. In October, the 0.22000 zone was tested three times and resisted pressure from sellers whose goal was to lower the next support price to 0.20000.
- We need to continue the positive consolidation and move away from the current level.
- We need to approach 0.24000 to get MA20 moving average support.
- A break above this zone takes us to the MA200 moving average, which can be our wind in our backs if we continue further up on the chart.
- The next resistance is at 0.25000 zones of the previous price breakthrough towards lower levels.
- Additional resistance to 0.25000 is the MA50 moving average, and the break above directs the price towards the 0.27000 very important zone that can determine a longer-term trend.
- We need a continuation of the negative consolidation that will bring us below 0.22000.
- Then we look at the support at 0.20000 in the October support zone.
- The break below us descends to the September lower low.
Su Zhu, chief executive of hedge fund Three Arrows Capital Ltd, based in Singapore, said on November 21 that he “left” Ethereum due to high transaction fees, which alienated new investors.
“Yes, I left Ethereum despite having supported it in the past,” Zhu said in a sharp thread on Twitter. He said he gave up Ethereum in the same way that the blockchain network gave up on its users. The 34-year-old crypto billionaire charged.
Ethereum culture suffers greatly from the ‘founder’s dilemma.’ Everyone is already too rich to remember what they originally intended to do. Maybe it takes a bear market to remind them, or we need to build somewhere else.
The cost of sending a transaction via the Ethereum blockchain has risen sharply in recent months. The average fee for ETH transactions has increased by 1.360%. From the beginning of June until today, and from $ 2.80 to $ 40.19. and fees peaked at over $ 62 on November 9.
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