Among the Blue Chips, there are numerous double-digit weekly rises: in addition to Ethereum, up over 10%, Polygon (MATIC), Litecoin (LTC) and Avalanche (AVAX) all do better, up 15%, followed by Dogecoin (DOGE), which puts up a nice +12%, and Chainlink (LINK) with an 11% gain since last week.
Sunday’s close ends the week that has taken us into the last month of a troubled and difficult year. The coming weeks will be hope-filled for traders waiting for confirmations of consolidation.
Indeed, it is necessary to confirm in the coming days the holding of the levels above the prices of this first part of the day.
At the opening of this first Monday of December, positive signs led by altcoins prevail. Ethereum continues to set the pace up 3% followed by a few fractions of a decimal percentile by Polkadot (DOT), Cardano (ADA) and Dogecoin (DOGE).
Moving down a few positions among the major capitalized ones, the rises of Shiba Inu (SHIB) and Solana (SOL) stand out, up 5% in the last 24 hours.
Sprint of the Axie Infinity (AXS) token, the blockchain-based trading and fighting game, with a rise in some parts of the day of more than 30% from benchmark prices over the past 24 hours. The token’s prices climbed back above $8.5 for the first time since 8 November, leaving behind the critical period of the past month.
Price analysis of Bitcoin (BTC)
In the last few hours, the price of BTC revisited $17,400 for the first time in over 3 weeks.
In fact, it was on 11 November, in the midst of the storm of the FTX bankruptcy, that BTC prices had abandoned the $17,000 mark.
So far, every recovery attempt had been rebuffed by falling back below the round resistance.
The bullish momentum of these last hours will have to be confirmed with the closing of the day with the price above $17,200 or at least not below $17,150. This will be the first technical signal that will begin to change the current technical rebound into a reversal signal necessary to continue rising in the coming days and weeks.
For Bitcoin, one can only begin to breathe a sigh of relief with prices above $17,600. A condition that will lead to identifying the next targets in the area of $18,500 to $19,000 in the coming weeks.
Any stumbles below $16,500 will have to be recovered quickly in order not to risk a landslide below the $16,000 area and having to rebuild a restart base again.
Price analysis of Ethereum (ETH)
Ethereum’s price is attempting for the third time in 7 days to break the $1,300 resistance.
The last attempt on Saturday was rejected bringing the price back to the $1,235 area, one step away from the bullish trendline that passes from the recent November lows.
The trendline highlights the good bullish setup that has been recording double-digit gains for ETH’s performance since the lows of 22 November 22.
Cyclically, the price of ETH enters the new phase of the current monthly cycle. It is very delicate because the performance of the coming days will indicate whether the current weekly sub-cycle, which began with the lows between Saturday, 3 November and Sunday, 4 November, will be part of a bullish or neutral monthly cycle.
Breaking above $1,310 will open space to reach the next target identified in the $1,360 area. The arrival of prices at this level will also be the trend reversal signal in the medium-term perspective.