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

CoinX

Recent Posts

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

2 minutes ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

2 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

4 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

This website uses cookies.