Weekly Recap: Bitcoin and Ethereum Consolidate, Awaiting for Volatility to Strike Back
As a result, the pioneer cryptocurrency entered a consolidation period seen throughout the rest of the week. Between Wednesday, December 2nd, and Friday, December 4th, BTC was mostly contained in a narrow trading range defined by the $18, support and the $19, resistance level.
Each time Bitcoin rose to the overhead resistance, a rejection followed, pushing it back to the underlying support. And from this price point, prices tended to rebound.
BTC was forced to close Friday’s trading session at $18, because of its sideways price action. Although the bellwether cryptocurrency looked great at the beginning of the week, investors could only grasp a weekly return of %.
Ethereum Went South as the Hype Around ETH Faded
Like Bitcoin, Ethereum also entered the week of November 30th on the right foot. As speculation mounted around the most-anticipated ETH upgrade, buying pressure began building up. The spike in demand saw Ether jump by nearly 11%.
The second-largest cryptocurrency by market capitalization went from a weekly open of $ to a new yearly high of $ within 32 hours.
Nonetheless, the Beacon Chain’s launch on December 1st was seen by market participants as a “sell the news” event. Those who had been anticipating such a milestone on the Ethereum network seem to have sold to realize profits, triggering a steep decline. ETH plummeted by more than % to reach the lowest price point of the week at $
The smart contracts token recovered some of the losses incurred on December 1st slowly throughout the next two days, but the upward pressure was weak, suggesting more pain on the horizon. Ethereum surged by nearly 12% to hit a high of $, on December 3rd, at around UTC, to then take a nosedive towards the end of the week.
By Friday, December 4th, Ether had retraced by more than 9% to close the week at a low of $ Investors incurred a weekly loss of % regardless of the high levels of speculation around Ethereum
-
-